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The long running saga over the future of Indian e-commerce firm Snapdeal may be close to a conclusion at last. The company has been repeatedly link with an acquisition by rival Flipkart, and now a deal worth a touch under $1 billion has been agreed to in principle.
That’s according to a report from Reuters which claims the Snapdeal board has signed off on a takeover from Flipkart that will be priced between $900 million-$950 million. TechCrunch has confirmed this independently via a source with knowledge of discussions. Seven-year-old Snapdeal, which had raised over $1.5 billion from investors that include SoftBank and Alibaba, was valued at $6.5 billion as recently as 2015.
Addition - Assets - Economic - Times - FreeCharge
In addition to that sell off, other assets are being offloaded. Economic Times reported that FreeCharge, the payment business that Snapdeal acquired two years ago, will be sold to Axis Bank.
Flipkart’s potential acquisition of Snapdeal would mark the resurgence...
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