Days after Snapdeal rejected the offer of ₹5500 crore extended by Flipkart for a complete buyout, the homegrown eCommerce leader has once agian proposed another offer to completely buyout Snapdeal. According to the sources aware of the development, Flipkart has agreed to buy Snapdeal for ₹6100 crore ($950 million).
The sources declined to talk publicly about the matter as the talks are still in progress and nothing has been officially confirmed yet. The new proposal is reportedly being evaluated by the board.
Flipkart has been interested to buy Snapdeal for quite a while now. The two companies have been in discussion for weeks. After Snapdeal had rejected the earlier offer by Flipkart, the latter worked out on a revised plan. Snapdeal is said to be in talks with other potential buyers as well. Snapdeal has also been considering selling its assets and subsidiaries to remain cash positive till the time a deal is finalised.
We tried reaching out to flipkart and snapdeal officials, however, the mails were not answered till the time of writing this post.