Snapdeal is all set to ramp up its legal house!
To make this happen, the SoftBank-backed e-tailer has hired 3 senior legal executives.
Prankur Chaturvedi is the first member to join the team.
Having worked previously as a legal counsel at Johnson & Johnson, Prankur will head Snapdeal’s contract and compliance department.
Before joining Johnson & Johnson, Prankur was also a senior legal counsel and group company secretary at Oravel Stays that owns Oyo Hotels.
Mansi Airi, Former Senior Associate of law firm PSA Legal Counsellors, is the second person to be part of Snapdeal’s legal department. She will be instrumental in building in-house expertise in cross border and domestic M&As and technology transfers.
Vijay Srivastava, previously heading international and domestic disputes at Flipkart, is the third person to be hired by Snapdeal. Vijay will be heading litigations and disputes for Snapdeal.
Including the above 3 hires, Snapdeal has increased its bench strength to 10.
Substantiating on the recruitment of the above legal experts, Smriti Subramanian, General Counsel of Snapdeal said, “In the face of evolving regulatory and legal environment and expanse of the e-commerce sector, we are focused on building an in-house lean team of experts powered by technology to help stay agile.”
This development is a part of Snapdeal’s resuscitation strategy that has been yielding positive results.
The regulatory documents filed by Snapdeal, show that the consolidated revenues jumped to Rs. 925.3 crore in 2018-19 compared to Rs. 535.9 crore in 2017-18. Now that’s a jump of almost 73 per cent in one year period!
At the same time, Snapdeal also managed to significantly minimise its losses to Rs. 186 crore in FY19 compared to Rs. 611 crore in FY18, which is a massive slump of nearly 71 per cent.
During the same period, Snapdeal’s revenue from operations grew annually 87 per cent.
Recently, Anand Piramal, Executive Director of the Piramal Group invested an undisclosed amount in Snapdeal. The investment has been made by Piramal in his personal capacity.