News, updates, rumours, analysis, opinions about one of the biggest mergers in Indian eCommerce. Flipkart is reportedly valuing snapdeal at $1 Billion
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Tag: Flipkart-Snapdeal Merger
Snapdeal have written a letter in protest against the founders Kunal Bahl and Rohit Bansal, and recent decisions of the company. Its copy has also been sent to Prime Minister’s Office, Ministry of Finance, Governor of the Reserve Bank of India, Axis Bank MD, among others.
Snapdeal-Flipkart merger, which was expected to go ahead after board's approval, has now been called off. In a contrast turn of events, the struggling eCommerce entity will now run on its own.
The deal of Snapdeal's acquisition of Flipkart, which was approved by the board last week, is reportedly in trouble as the founders are pushing to run the company independently.
Struggling e-commerce company Snapdeal's board has reportedly accepted ₹6100 crore ($950 million) acquisition offer from Flipkart. Its earlier offer of ₹5500 crore was reject by the board.
E-commerce startup Snapdeal, which is currently in talks for its acquisition, is reportedly divided between two offers - Flipkart and Infibeam. There's also a possibility of Snapdeal continuing as an independent entity.
Flipkart has extended a revised buyout offer of ₹6100 crore to Snapdeal. The board is reportedly evaluating the offer currently.
Snapdeal has rejected an initial buyout offer worth ₹5500 made by Flipkart. The company is in talks to sell its assets to raise immediate cash.
Nitin Seth, chief operating officer at Flipkart, has submitted his resignation from the post citing personal reasons. He had joined the group in January 2016