Saturday, April 20

Tag: Snapdeal

Snapdeal Board To Seek Shareholders View On Flipkart Deal
26Jul By Press Trust of IndiaNo Comments
News

Snapdeal Board To Seek Shareholders View On Flipkart Deal

Snapdeal will seek views of its shareholders, including Ratan Tata and PremjiInvest, on the proposed USD 900-950 million buyout deal by Flipkart, a source said. The deal is almost through but there are a few areas of concern and the Board wants to seek views and comments from shareholders on the deal, two people aware of the developments said. (more…)
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Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal
26Jul By AdityaNo Comments
ACQUISITION

Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal

India's third largest private sector lender Axis Bank Ltd is all set to buy digital payments platform Freecharge from Snapdeal for amount nearing Rs 400 Cr, a much needed relief for Snapdeal. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. By this acquisition, Axis Bank will get a popular digital payments platform and access to high-quality tech, which will give it an upper-hand over other banks. Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity. Paytm was also in the lead to acquire Freecharge but Freecharge chose to go with Axis Bank, due to higher bid. The sale of Freecharge will mark the most stunning co...
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Flipkart Set To Takeover Snapdeal For $900-$950 Mn : Sources
26Jul By RishabhNo Comments
News

Flipkart Set To Takeover Snapdeal For $900-$950 Mn : Sources

The Board of Snapdeal has accepted the Flipkart's revised takeover offer of about $950 millions last week, two sources who remain anonymous told. Shareholders of Snapdeal will now have to approve the deal, the sources told Reuters, declining to be named as the discussions are not public.   ALSO READ: Snapdeal Divided Between Infibeam Buyout And Bigger Rival Flipkart   Snapdeal and Flipkart have not made an official statement yet. So the confirmation stays pending. Bengaluru-headquartered Flipkart had revised its initial offer for Snapdeal to up to $950 million, Reuters reported last week.   ALSO READ: Flipkart-Snapdeal Deal: Negotiations On For Higher Offer  
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Flipkart-Snapdeal Deal: Negotiations On For Higher Offer
6Jul By Press Trust of IndiaNo Comments
News

Flipkart-Snapdeal Deal: Negotiations On For Higher Offer

After Snapdeal board reportedly rejected Flipkart's USD 850 million takeover offer, the two parties are now holding parleys over the USD 150-200 million valuation gap. According to sources privy to the development, Flipkart had initially offered USD 1 billion for the deal but post the due diligence, it made an offer for USD 800-850 million. The offer was rejected by Snapdeal board as it felt the amount undervalues the company as the due diligence report is clean, one of the sources said. "However, the deal isnt off and negotiations will continue. The differences over Snapdeals valuation could delay the process," they added. Emails sent to Snapdeal, SoftBank and Flipkart did not elicit response. SoftBank, Snapdeals largest investor, has been proactively mediating the sale for...
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Snapdeal Board Rejects Flipkart’s $850 Million Offer
4Jul By AdityaNo Comments
News

Snapdeal Board Rejects Flipkart’s $850 Million Offer

Snapdeal board is believed to have rejected a takeover offer of USD 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 USD 800-850 million to buy Snapdeal. However, the offer was rejected by the Snapdeal 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 Snapdeals largest investor, has been proactively mediating the sale for the past few months. The board also has representation from Snapdeal founder...
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After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders
24Jun By AnkitaNo Comments
News

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock among others. Emails sent to Snapdeal and Credit Suisse did not elicit any response. PremjiInvest the personal investment arm of Wipro chairman Azim Premji and a minority investor in Snapdeal -- had written to the company seeking greater clarity on the deal terms. It has also called for equal treatment of ...
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Snapdeal HR Head Resigned
30May By Ankita SinghNo Comments
News

Snapdeal HR Head Resigned

Snapdeal continues to lose members from top leadership, the latest to join the list being its Human Resources Head Saurabh Nigam. Nigams exit comes amid talks of a potential sale of the e-commerce firm to larger rival Flipkart. A Snapdeal spokesperson confirmed the development. "After spearheading Snapdeals Human Capital function for more than three years, Saurabh Nigam has decided to move on to pursue further career interests in a field close to his heart," the spokesperson said in an e-mailed response. Post the transition, Pravin Kutty, Associate Vice President - HR and Administration, will head the Human Capital function, the spokesperson said. Snapdeal, over the past many quarters, has seen exit of senior executives like Tony Navin, Sandeep Komaravelly, Anand Chandrasekaran...
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Snapdeal Raises 113 Crore Emergency Fund From Nexus Ventures and Founders
30May By PriyankaNo Comments
FUNDING

Snapdeal Raises 113 Crore Emergency Fund From Nexus Ventures and Founders

Snapdeal has raised over Rs 113 crore from early investor Nexus Venture Partners and founders Kunal Bahl and Rohit Bansal, amid talks of a potential sale of the e-commerce firm to larger rival Flipkart. NVP pumped in Rs 96.26 crore in the round, while Bahl and Bansal contributed Rs 8.45 crore each, according to regulatory filing with the Ministry of Corporate Affairs. The shares were allotted on March 10, 2017, it added. Bahl and Bansal were allotted 1,300 Series J preference shares, while Nexus was given 14,810 preference shares, the filings showed. It is not clear how long the fresh financing round will help Snapdeal in continuing operations as it faces intense competition from rivals Flipkart and Amazon. E-mails sent to NVP and Snapdeal remained unanswered. The cash-strapped firm,...
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SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal
10May By AnkitaNo Comments
News

SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal

Japanese conglomerate SoftBank Group has booked a valuation loss of USD 1.4 billion or over Rs 9,000 crore on its investments in Snapdeal and Ola as the startups faced heat from foreign rivals with deep pockets. SoftBank said it suffered a loss of USD 1 billion (Rs 6,500 crore) on its investment in Snapdeal, almost matching the money it has put in the home-grown marketplace during 2016-17. "Highly competitive e-commerce market in India has made a trend of the companys business performance lower than initially anticipated," SoftBank said in its earnings statement. SoftBank which has committed investments of USD 10 billion in India has been working on a plan to sell Snapdeal to larger rival Flipkart. While it has got most board members of Snapdeal to agree to the proposal, it is ...
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Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board
10May By Press Trust of IndiaNo Comments
News

Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board

Japans SoftBank is believed to have moved a step closer to securing the consent of co- investor Nexus Venture Partners (NVP) for selling Snapdeal to Indias largest e-commerce firm Flipkart. A meeting was held today and the impasse over the sale could end soon, people familiar with the matter said. SoftBank the largest shareholder in Snapdeal has been making all efforts to get NVP on board for the sale of Snapdeal, and a breakthrough could come as early as this week. They added that while attempts have been going on for the past few weeks, NVP finally seems to be warming up to the idea. A board meeting is expected to take place tomorrow to deliberate upon the issue. E-mails sent to Snapdeal, SoftBank and NVP did not elicit any response. An yes from NVP is crucial for the deal to...
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