Saturday, December 21

Tag: flipkart

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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Paytm Further Delists Logistics Partners To Improve Customer Experience
26Jul By RishabhNo Comments
News

Paytm Further Delists Logistics Partners To Improve Customer Experience

Ecommerce platform Paytm Mall has once again made amendments in its quality control and to get things in order by delisting 6 out of its 14 logistics partners and 30 courier aggregation centres, and restricted delivery to 17,000 pin codes instead of 26,000 pin codes. Paytm cited customer experience and inability to meet service level agreements by the delisted logistics partners as reasons for the decision taken in response to an audit conducted by the marketplace. "None of the logistics partners which have been delisted are venture capital-backed," Sinha said. “We believe, working with fewer retailers and pin codes that leads to a superior customer experience is more important than rapid expansion,” said Amit Sinha, chief operating officer of Paytm Mall. Paytm had revamped its platfo...
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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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37 Lacs Looted From Flipkart Delivery Centre in Delhi
28Jun By AnkitaNo Comments
News

37 Lacs Looted From Flipkart Delivery Centre in Delhi

In a first such kind of incident, Flipkart delivery centre in Shahdara’s Jhilmil industrial area was attacked by Four masked men looted ₹37 lakh from the office of Instakart, a delivery station of e-commerce giant. The workers reportedly told the police that four men armed with guns entered the premises and asked them to part with the cash. They threatened us with dire consequences, the victims allegedly told the police. The workers claimed this was the second time the company had been targeted in the past few months. “A similar robbery took place at our Patparganj branch around the same time on March 25”. Police said the accused wore helmets and carried pistols. “There were three employees, including a security guard, in the office. The assailants held them hostage at gunpoint and ...
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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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Flipkart-eBay India Deal Gets Indian Government Nod
16Jun By Ankita SinghNo Comments
BUSINESS

Flipkart-eBay India Deal Gets Indian Government Nod

E-commerce major Flipkarts proposed acquisition of eBay India has received approval from the Competition Commission. Besides, the fair trade regulator has given nod to eBay Singapores subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart. In a tweet, the Competition Commission of India (CCI) said that it has approved "subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart". As per the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent share capital of eBay India by Bangalore based e-commerce firm Flipkart. The transaction also involves the acquisition of certain compulsorily convertible preference shares of Flipkart by eBay Singapore, as per the notice. Earl...
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7Jun By Ankita SinghNo Comments
News

Flipkart Announces Hackathon to Deal With Bengaluru Traffic Problem

E-commerce major Flipkart today announced a hackathon to crowdsource "innovative", "implementable" solutions from the tech community and concerned citizens, that could help ease the cities perennial  traffic problem. Termed "Gridlock Hackathon," the initiative marks the start of the "Month of Innovation" at Flipkart, a part of its  10th year anniversary celebrations, the company said. The contest will run from June 7, 2017 until June 21,  2017 and is open for technology-centric solutions, as well as  those that partially leverage technology through out-of-the-box thinking, it said in a release. "The idea is to give back in some way to the city we  all love, and ensure it retains the vibrant ecosystem that has been a major catalyst in the growth story of Flipkart and so many other ...
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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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Flipkart Named Most Sought After Employer in LinkedIn India Survey
18May By Press Trust of IndiaNo Comments
ANALYSIS

Flipkart Named Most Sought After Employer in LinkedIn India Survey

Flipkart has been named the top employer followed by Amazon and KPMG India in the second and third place respectively, according to a list compiled by internet professional network LinkedIn. Others in the top 10 of LinkedIn Indias most sought- after employers list include One97 Communications at the fourth place, Ola (5th), HCL Technologies (6th), Adobe (7th), Alphabet (8th), OYO Rooms (9th) and Reliance Industries at the 10th place. The list of 25 top companies in India also saw over 30 per cent of new entrants, namely One97 Communications, Tech Mahindra (14th), Swiggy (15th), IDFC Bank (17th), Vodafone (20th), Grofers (22nd), McKinsey & Company (24th) and Oracle (25th). Among the companies showing significant improvement in the list include Ola from last years 10th rank to 5...
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