'Snapdeal Cash Flow Positive': Read Full Text Of Co-Founders' Letter
E-commerce company Snapdeal became cash flow positive in June, co-founders Kunal Bahl and Rohit Bansal said. "We now have achieved the milestone of earning money from our business. This is an incredible achievement for our company and industry, and one that puts us on the path to financial independence and the freedom to pursue long-term growth on our own terms," Mr Bahl and Mr Bansal wrote to the families of team members in a letter dated July 23. Calling it a "significant milestone", the co-founders hinted at the company's intent to "invest more aggressively" going forward.
Here's the full text of the co-founders' letter to Snapdeal employees' family members:
Dear Family,
The last ten months at Snapdeal have been one of immense focus, determination and sharp execution. We exited a period of great uncertainty in July last year and strode ahead confidently on our chosen path to create a self-sustaining business.
Setting ourselves well-defined goals of cost optimization and growth, our team has pursued our plans with clarity, conviction and collective zeal. The journey has been demanding, yet one that we have pursued with great enthusiasm and unrelenting resolve. This collective effort of the outstanding Snapdeal team has led to a spectacular outcome.
It is with great pleasure and pride that we share with you that Snapdeal was cash flow positive in the month of June 2018. Simply put, we now have achieved the milestone of earning money from our business. This is an incredible achievement for our company and industry, and one that puts us on the path to financial independence and the freedom to pursue long-term growth on our own terms.
It is also a matter of immense pride that Snapdeal is the first and only e-commerce platform in India that has achieved this milestone. And we have achieved this ahead of the demanding timelines that we had set for ourselves.
This success and special milestone belongs to all of us - not only in the office, but equally also to all of you at home. 2017 was a challenging year for us, however, the immense support that our team got from their families, at a time when very few people believed in the ability of Snapdeal to get back on its feet, has played the most critical rose in keeping the spirits high and our execution focused.
Our undivided attention and hard work at office is built on the foundation of the support and understanding that our team members receive at home. It is only with your encouragement and motivation that our loved ones are able to go from strength to strength, from one success to another, not worrying about what the outside world says.
You would also be happy to know that many stellar professionals have joined Snapdeal in the last few months including at senior leadership positions. It would be even more heartwarming for you to know, that many former SDians have returned over the last few months, which further reinforces the confidence in the company and its progress.
The trail blazing achievement belongs to Team Snapdeal, of which you are an integral and valued member. We want to take this opportunity to convey our heartfelt gratitude to you for being so supportive of your loved one at Snapdeal, especially in our company's time of need.
With the achievement of this significant milestone, we have no current or future dependency on any external funding, which gives us the opportunity to catalyze growth in an impactful manner. While you may keep hearing about us in the media from time to time, maybe sometimes not in the most flattering light, but we want you to know the company is in a very safe zone now and while we have achieved cash flow positive levels in June, we may choose to invest more aggressively in growth going forward.
We are confident that with your continued support, love and blessings, Snapdeal will achieve many more milestones and still greater heights.
With warm personal regards,
Kunal & Rohit
