Venture capital firm Blume Ventures has also reached out to many, from its portfolio companies, who lost their jobs.
Human resource consultants say a weak market is also the best time for companies to pick talent because it sets realistic expectations for both — the employee and the potential employer. Even IT companies such as HCL Technologies and Tech Mahindra are learnt to be looking at candidates who were recently told to leave by their respective organisations.
“While talent was looking at entering the e-commerce because of excitement, now the pendulum appears to have swung to the other side with talent wanting to move out as business is becoming tougher,’’ said Ronesh Puri, managing director, Executive Access. This is also a good time for organisations to pick talent from the e-commerce industry, given the mood in the sector, Puri added.
According to senior executives at Paytm, they have already received 350-450 resumes from Snapdeal and its sister concern, FreeCharge. “We have some applications from Stayzilla employees too. Queries have risen since our founder tweeted on Friday morning. We are in the process of evaluating and calling people for interviews,” said an executive.
This is not the first time Paytm has pulled off a recruitment coup. Last May, it took in some of the IIM-Ahmedabad graduates who were left in the lurch by online marketplace major Flipkart, when it deferred their joining dates.
Snapdeal was recently in news
for its plans to sack 800 employees and its co-founders, Kunal Bahl and Rohit Bansal, taking a 100 per cent pay cut.
It is also in talks to sell its digital wallet company, FreeCharge.
The Kunal Bahl-led company has in the past one year become 80 per cent lighter when it comes to number of employees. From 10,000 in February last year, the headcount is down to less than 2,000. Leading homestay and alternate stay aggregator, Stayzilla, has also suspended operations. Business goods and supplies portal Tolexo, is learnt to be laying off as many as 300 employees, which is around 85 per cent of its workforce.