If you are languishing in your office right now, cribbing about your meagre salary, here’s another piece of information that will make you want to scream.
Take this: Flipkart, India’s biggest e-commerce platform, paid over Rs 10 crore to six of its employees and over a crore to 101 others in April-March 2016, reported Quartz.
So, the company spent a whopping Rs 300 crore to pay just six of its top-rung employees!
This information was revealed through regulatory filings sourced by data platform Tofler. Another noticeable thing is that these massive payouts are from a period when the company was facing devaluation and struggling to raise funds.
Now we all know why the company was making losses in spite of growth in revenues.
Remember the time when the company was devalued yet again this year as a Morgan Stanley mutual fund, drastically revised down its valuation by a whopping 38 per cent to $5.54 billion. This was the seventh time in 2016 that Flipkart has had its valuation slashed down.
In term of valuation, 2016 had been particularly cruel to Flipkart but we have to agree that despite that, it’s been pretty generous to its employees.