22 March 2017, India:
Softbank-backed Snapdeal is in talks for a potential sale with the number one rival Flipkart. As it turned out, Paytm might as well be the other contender to acquire Snapdeal as per the report by The Mint.
Snapdeal spokesperson strictly denied the report saying, “Your information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction.”
Japan’s Softbank Group, an investor in Snapdeal, is leading the sale talks, and the deal could value the online retailer at less than the total equity raised by parent Jasper Infotech.
Snapdeal aims to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers.
In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal with the widest assortment of 35 million plus products across 800 plus diverse categories from over 125,000 regional, national, and international brands and retailers. With millions of users and more than 300,000 sellers, Snapdeal is the shopping destination for Internet users across the country, delivering to 6000+ cities and towns in India.
Snapdeal reported a loss of 29.6 billion rupees ($14.93 million) in the financial year to March 31, 2016, according to regulatory filings. (Image- Snapdeal)