E-commerce platform Snapdeal which has become quite popular in small-town India, spent nearly Rs 161 crore on employee benefits in the fiscal year 2021, reveal its IPO draft papers. Its co-founder and CEO Kunal Bahl (appointed as executive director) was set to get a fixed compensation of Rs 3.5 crore, along with a performance bonus of Rs 1.5 crore.
Bahl is entitled to receive such remuneration for a three-year period, starting April 1, 2021 till March 31, 2024.
Another co-founder Rohit Bansal, also appointed as Executive Director this year, will also receive Rs 5 crore as salary. Bansal received Rs 3.5 crore in FY2021.
Snapdeal chief financial officer (CFO), Vikas Bhasin, received Rs 3.1 crore as gross compensation in FY2021.
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SoftBank-backed Snapdeal on Tuesday filed its draft red herring prospectus (DRHP) for its IPO, which will comprise a fresh issue of equity shares worth up to Rs 1,250 crore and an offer-for-sale (OFS) of up to 30.77 million equity shares by existing shareholders.
According to the DHRP, each independent director is earning Rs 1 lakh sitting fee per meeting, and is set to earn Rs 24 lakh annually till 2024.
Meanwhile, the e-commerce marketplace on Wednesday appointed Himanshu Chakrawarti as President of the company. Chakrawarti will lead various functions at Snapdeal to drive the company's Bharat-focused, value commerce strategy and steer various growth-related and operational initiatives.
"We are delighted to welcome Himanshu to the Snapdeal family. He brings an in-depth understanding of value retail and Omni-channel distribution operations in India," said Bansal.
"Additionally, his success with building brands will add immense value to Snapdeal's Power Brands programme," Bansal added.
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"I am excited about the opportunity that lies ahead at Snapdeal. I am delighted to join an exceptionally talented and experienced team at Snapdeal," Chakrawarti said.
