In a bid to make sure the smooth incorporation of FreeCharge with Axis Bank, workers of the transaction platform are being provided a 6-month bonus, as per people having deep knowledge of this matter. The offers are being given to the workers of FreeCharge after the declaration of its sale to Axis Bank, the private sector lender, for Rs 385 Crore last week.
Sources claimed that the payouts were being carried out to guarantee that workers do not quit the company while Axis Bank claims over FreeCharge. These maintenance bonuses are being provided on the basis of seniority of the employees and the time invested in the organization. Independently, SoftBank, the largest investor of Snapdeal, has been arranging its amalgamation with bigger competitor Flipkart. But the procedure that is still under progress with multiple hurdles has limited the conclusion of the deal. An email sent to a spokesperson of Snapdeal by the media did not bring forth a response.
The sale of Freecharge to Axis Bank will offer Snapdeal the essential push in resources to carry on its journey in the industry. Just hours after the sale was declared, Bahl addressed to employees looking for lessening concerns. The sale of Freecharge to Axis Bank will offer Snapdeal the essential push in resources to carry on its journey in the industry. Kunal claimed that Axis Bank means to not just keep hold of all employees of Freecharge but also invest considerably in the brand and team. Kunal claimed that every new beginning comes from some other beginning’s conclusion. He also mentioned that building Freecharge has been an experience that is extremely enriching for them.
People having knowledge of the maintenance bonus being given out claimed that the move is connected to ESOPs (Employees Stock Ownership Plan) as valuation of FreeCharge battered considerably over the past one year. “These ESOPs are of no or little value at all. So, receiving a retention bonus for a 6-month time is a good choice to go for,” a person having deep knowledge of this matter told the media. Snapdeal had obtained FreeCharge that was esteemed at $400 Million at that time.