The Snapdeal, Gurugaon based vector e-commerce company had called off his merge with his big rivalry Flipkart. it will pursue an independent path. Now it has been decided to terminated all his starategies and begun to move in an independent path.
The Jasper Infotech, which runs Snapdeal, had earlier agreed to Flipkart’s revised buyout bid of up to $950 million and a deal was pending approval of smaller shareholders. Two early stage investors such as Kalaari Capital and Nexus Venture Partners, were also reluctant to back a deal with Flipkart.
Jasper Infotech said it has a “new and compelling direction – Snapdeal 2.0” and has made significant progress towards the ability to execute this by achieving a gross profit this month.
Snapdeal also agreed to sell its digital paymnet website Freecharge to the Axis abnk for 385 crore.
if the deal had been done,it would have marked the largest acquisition in the Indian e-commerce landscape.