Snapdeal Board Will Discuss Sellout Possibility to Flipkart Tomorrow
The board of e-commerce marketplace Snapdeal is expected to meet tomorrow to discuss the potential sale of India's third largest e-commerce firm to larger rival Flipkart.
Also, on the agenda will be getting Nexus Venture Partners (NVP), an early investor in Snapdeal, to agree to the sale deal. The approval of Nexus Venture Partners will be crucial for the proposed transaction to proceed, according to sources close to the development.
The seven-member board of Jasper Infotech, which operates Snapdeal, includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners (NVP), as well as co-founders Kunal Bahl and Rohit Bansal.
The valuation of Snapdeal is believed to be one of the hurdles to the deal, as Kalaari and NVP were not in agreement with the valuatio...