LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Small Business News

Snapdeal board rejects Flipkart's $850 million offer

The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Snapdeal board rejects Flipkart's $850 million offer
Snapdeal Co-founder Kunal Bahl. Photo: Snapdeal Official website
Written By: PTI
Updated: Wed, Jul 05, 2017
09:16 am
New Delhi, PTI
RELATED NEWS
Online shopping just got a fancy new payment system for these shoppers; forget net banking, cash | Paytm, WhatsApp pay, Google Pay, PhonePe enabled Online shopping just got a fancy new payment system for these shoppers; forget net banking, cash | Paytm, WhatsApp pay, Google Pay, PhonePe enabled
Small towns perform big! Nearly 70 pct orders in Snapdeal sale received by sellers located beyond top 5 metropolitan areas Small towns perform big! Nearly 70 pct orders in Snapdeal sale received by sellers located beyond top 5 metropolitan areas
Online shopping tips and tricks: 5 ways to make best use of festive season sales Online shopping tips and tricks: 5 ways to make best use of festive season sales
Snapdeal announces special e-store for Navratri with several deals and discounts  Snapdeal announces special e-store for Navratri with several deals and discounts
Snapdeal to kick off festive sale from Oct 16 Snapdeal to kick off festive sale from Oct 16

Snapdeal's board is believed to have rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from larger e-commerce rival Flipkart.

According to sources privy to the development, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal.

However, the offer was rejected by the Snapdeal's board which felt the amount undervalues the company as the due diligence report is clean.

"The first offer has been rejected but talks are still on. It is an ongoing discussion," said one of the sources.

When contacted, Snapdeal, SoftBank and Flipkart declined to comment.

SoftBank, the Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board also has representation from Snapdeal founders (Kunal Bahl and Rohit Bansal), NVP and Kalaari Capital.

Sources said Ernst & Young, which was roped in by Flipkart to conduct a due diligence on Snapdeal, submitted its report a few days ago, following which the offer was made.

The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space.

One of the leading contenders in the Indian e-commerce space, Snapdeal has seen its fortunes failing amid strong competition from Amazon and Flipkart.

Compared to a valuation of about USD 6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about USD 1 billion. SoftBank has already written off over USD 1 billion on valuation of its investment in Snapdeal. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
SnapdealFlipkartSnapdeal-Flipkart dealE-commerceSoftbankKunal BahlRohit BansalKalaari CapitalAmazon
RELATED NEWS
Online shopping just got a fancy new payment system for these shoppers; forget net banking, cash | Paytm, WhatsApp pay, Google Pay, PhonePe enabled Online shopping just got a fancy new payment system for these shoppers; forget net banking, cash | Paytm, WhatsApp pay, Google Pay, PhonePe enabled
Small towns perform big! Nearly 70 pct orders in Snapdeal sale received by sellers located beyond top 5 metropolitan areas Small towns perform big! Nearly 70 pct orders in Snapdeal sale received by sellers located beyond top 5 metropolitan areas
Online shopping tips and tricks: 5 ways to make best use of festive season sales Online shopping tips and tricks: 5 ways to make best use of festive season sales
Snapdeal announces special e-store for Navratri with several deals and discounts  Snapdeal announces special e-store for Navratri with several deals and discounts
Snapdeal to kick off festive sale from Oct 16 Snapdeal to kick off festive sale from Oct 16

LATEST NEWS

NEET PG 2021 exam: After CBSE, NEET aspirants want exam to be postponed; decision on ICSE Class 10, Class 12 exams likely soon

What is driving markets even though FIIs were selling? Market Guru Anil Singhvi explains

CBSE Class 10 exam 2021 evaluation criteria: EXPLAINED! Here is how board will promote Class 10 students

Delhi curfew style 'lockdown' IMPOSED on weekend: Check major announcement from Arvind Kejriwal -- All details here

On Whatsapp, Hero MotoCorp expands Digital outreach, enhances customer service

UP Board exams 2021 postponed again; Haryana cancels Class 10 exam, to hold Class 12 exam on later date

#ZBizExclusive: Anil Singhvi says SAIL steps closer to divestment, receives bids for 2 plants

7th Pay Commission: DA, DR calculation for central government employees, pensioners—Here is what they will get from July 1

Shubho noboborsho 2021: Send best pohela boishakh WhatsApp stickers, GIFs, messages, status and more

ICICI Bank, Axis Bank, and HDFC Bank: Technical details highlighted for readers

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved