SNAPDEAL to stay independent : Ends talks over its sale to ‘Flipkart’
Snapdeal has put an end to its months long discussion on its sale to its bigger rival ‘Flipkart’ and has decided to stay independent. Failure to crack a deal would hurt ‘Flipkart’ as it puts Amazon on stronger position. Snapdeal would try to sustain by selling off its non core assets. Snapdeal last week sold its digital payment unit ‘Freecharge’ to Axis bank for $60 Million.
This creates a set back for its major investor Japanese based Softbank as it has always been trying to get hold of some shares with the India giant ‘Flipkart’. Though the deal was put up to the approval for $ 950 Millions, its founders Kunal Bahl and Rohit Bansal decided to call it off.
In a statement Snapdeal said “The company has now decided to pursue an independent path and is terminating all strategic discussions as a result.” According to the reports there were alot of requirements from ‘Flipkart’ which were not feasible in the eyes of ‘Snapdeal’ to execute.
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