Snapdeal-Flipkart merger called off


Snapdeal has ended merger talks with Flipkart. The company reportedly said that it needs to pursue an “independent path”.

Snapdeal was in talks with Flipkart for an estimated $900-950 mn deal.

Snapdeal expects to be financially self-sustainable by selling certain non-core assets, stated media reports.

Last week, Axis Bank announced that it has agreed to buy FreeCharge from Snapdeal for Rs. 385 crore ($60.04 million).

Japan’s Softbank, the major investor in Snapdeal stated that it respects the company’s decision to pursue an independent strategy.

SoftBank currently holds nearly 35% stake in Snapdeal.

“We will be continuing the Snapdeal journey and will pursue a new direction — Snapdeal 2.0,”Snapdeal’s co-founders Kunal Bahl and Rohit Bansal reportedly said to the employees.