E-commerce platform Snapdeal has spent nearly Rs 161 crore on employee benefits in the fiscal year 2021, reveal its IPO draft papers.
Snapdeal co-founder and CEO Kunal Bahl is set to get a fixed compensation of Rs 3.5 crore, along with a performance bonus of Rs 1.5 crore.
Kunal 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 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.
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.
Snapdeal, the e-commerce marketplace, has appointed Himanshu Chakrawarti as President to drive the company’s Bharat-focused, value commerce strategy and steer various growth-related and operational initiatives.