Gati, Peepul Capital and TVS Logistics acquire Vulcan Express
Gati, Peepul Capital and supply-chain player TVS Logistics have decided to acquire Vulcan Express, the logistics arm of Snapdeal.
Gati, Peepul Capital and supply-chain player TVS Logistics have decided to acquire Vulcan Express, the logistics arm of Snapdeal.
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.
Snapdeal refused to agree with the report and has claimed that company is not returning its stocks and have enough funds to run the business.
Snapdeal is reportedly helping its sellers in getting GSTIN number and signatures needed to operate after GST implementation from July 1st.
Snapdeal has raised ₹113 crores from Nexus Venture Partners, Kunal Bahl and Rohit Bansal in an emergency round to keep it going till the merger with Flipkart.
Former employees of Snapdeal have filed a petition asking for the clarity over their ESOPs under the new structure.
Freecharge has raised additional ₹22 crore from the owner company Jasper Infotech in exchange of 2.2 crore equity shares.
To complete formalities of the merger, Flipkart & Snapdeal are waiting for the approval from Ratan Tata and Azim Premji.
All India Online Vendors Association has seeked help from Ministry of Corporate Affairs to clear their pending dues with Snapdeal.
As the talks of a potential merger go in the last stage, Kalaari Capital's MD Vani Kola has resigned from Snapdeal's board.