Flipkart, the largest e-commerce platform in India, has announced its intention to make a one-time cash payout of approximately $700 million to its employees. The company said in a statement that it had been considering such a large payout for some time and that it wanted to ensure that all employees were treated fairly.
The announcement came after months of speculation about what Flipkart’s intentions would be once it acquired e-commerce rival Snapdeal. The deal is expected to close by the end of the month, and Flipkart has been making preparations for integrating those two companies.
“We are excited about this opportunity,” said Flipkart CEO Binny Bansal in a statement. “This is a great day for our employees and we want them to know how much we value them.”
Flipkart employs more than 30,000 people across India and other countries where it operates. It has raised over $9 billion in funding from investors including SoftBank Group Corp., Tiger Global Management LLC, and Japanese telecommunications giant SoftBank Corp.’s Vision Fund.
Flipkart has received the Omidyar Network’s Open Philanthropy Project grant, which will go towards improving the company’s internal processes as well as its employee benefits.
In addition to this grant, Flipkart has also received angel investment from Microsoft co-founder Bill Gates’ foundation. Flipkart is a leading e-commerce company in India. It was founded in 2007 by Sachin Bansal and Binny Bansal, who is also its current CEO and CTO. Flipkart currently operates as a marketplace that connects buyers to sellers of digital products such as books, music, movies, electronics, and other items.
Flipkart is an Indian company, founded in 2007 by Sachin Bansal and Binny Bansal. It operates an e-commerce website that sells a wide range of products and services to consumers, as well as businesses. Flipkart’s main competitor is Amazon India.
Flipkart has over 13 million customers on its platform and has raised $1 billion from investors including Accel Partners, Tiger Global Management, DST Global, and Naspers Group Holdings Ltd (NPN). The company was valued at $15 billion in 2015 but lost more than half its value after it declared a loss of $2.8 billion for the year ending March 2017 due to a decline in mobile app usage by its users that led to lower sales.
If you are a Flipkart employee and you have been waiting for your paycheck, you should be able to get it tomorrow. The company has announced that it will be giving its employees a one-time cash payout of 700 million dollars. The money will be used to pay for the severance and other benefits for employees who were let go during the restructuring of the company.
Flipkart has been undergoing a major restructuring in recent months, which means that many of its employees were let go or asked to resign. This includes CEO Kalyan Krishnamurthy, who left the company after it was purchased by Walmart in May this year.
The company said that the money will be given only to those who were terminated during this period, but there is no word on whether they will be getting severance pay as well. The company also said it would look into giving bouquet benefits to those who were on maternity leave at different points in time throughout their careers with Flipkart till now.”
The Flipkart Group, an online retailer in India, has announced that it will be sharing 700 million dollars with its employees. The company has been experiencing financial trouble in recent years and needed cash to keep afloat.