In a surprising move, Snapdeal announced that it has raised funding from Nexus venture partners and its own co-founders, Kunal Bahl and Rohit Bansal. The move came as a surprise because Snapdeal is rumoured to be in advance stage talks with Flipkart for a merger. The funding is considered to be an emergency round which will keep Snapdeal afloat till any announcement about merger or acquisition is made.
Softbank, the biggest investor in Snapdeal has been pushing for its sale to Flipkart and till recently, other investors including Kalaari Capital, Nexus Venture Partners and the co-founders were opposing the sale, however, now it seems that all of them have agreed and given their nod to go ahead.
Nexus Venture Partners is one of the earliest investors in the eCommerce company.
The latest news has made it more interesting to see how snapdeal negotiates with Flipkart, provided it has more cash remaining in the accounts now. Emails sent to Flipkart, snapdeal and the investors did not get any response till the time of writing this.
We will keep you updated with any updates which come our way. Stay tuned.