Thursday, December 19

Tag: Snapdeal

Kalaari Capital Planning Snapdeal Exit and Selling Stakes
15Mar By Sheldan RungasamyNo Comments
News

Kalaari Capital Planning Snapdeal Exit and Selling Stakes

Kalaari Capital, the venture capital and investor in Snapdeal, held talk with the company’s promoters about selling part or the totality of its stake in the e-commerce on the online market. According to anonymous sources, the discussions are still at an early stage and there are yet no guarantee that the request will be granted. However, the sources did mention that the venture capital firm is well capable of selling its stakes in Snapdeal for Rs 40- Rs 50 crore. The sum is a very small fraction of the total sum the company invested in the company, about Rs 135 crore. It is also being reported that Kalaari Capital are holding talks with other investors to buy out their stake in the company. This desperate move signals that all is not well for the e-commerce business. Snapdeal alre...
Read More
Walmart Interested In Investing in Indian E-commerce Giant Flipkart
9Feb By PriyankaNo Comments
News

Walmart Interested In Investing in Indian E-commerce Giant Flipkart

American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores- Walmart is actively looking to invest in Indian e-commerce giant Flipkart and is willing to pay billions for as much as 20 percent stake. Walmart is the world's biggest retailer and if it invested in the Indian unicorn, it is expected that it may increase Flipkart's valuation to as much as $20 billion, which as per the researcher CB Insights is currently $12 billion. It is also mentioned by the source  Bloomberg that the talks are in advanced stage, but the terms could still change and the deal may not be finalized. “Walmart will make Flipkart a stronger rival to Amazon,” said Arvind Singhal, chairman of the New Delhi-based retail consultancy Technopak Advi...
Read More
Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore
26Jan By AdityaNo Comments
ACQUISITION

Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore

Kishore Biyani's Future Supply Chain Solutions today said it will fully acquire Snapdeal's logistics service provider Vulcan Express Pvt Ltd in an all- cash deal valued at Rs 35 crore. Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients. Snapdeal Chief Strategy and Investment Officer Jason Kothari said: "Similar to our recent sale of FreeCharge, we believe Snapdeal s sale of Vulcan Express to Future Group is a successful deal for all three parties." The statement also quoted Kothari as saying that the company "divests off an asset that is non-strategic in nature for Snapdeal 2.0, allowing it to focus its capital ...
Read More
Ratan Tata Backed Fashion Startup Kaaryah Shuts Operations After Three Years
22Dec By RishabhNo Comments
News

Ratan Tata Backed Fashion Startup Kaaryah Shuts Operations After Three Years

Gurugram-based online women's fashion portal Kaaryah has shut down after operating for over three years. The startup failed to sustain because of the lack of funds, said Nidhi Agarwal, the founder and CEO of Kaaryah. The company has also laid off its workforce of around 50 employees. “It was not sudden. We have been trying to raise funds for the last 18 months. We had broken even twice in 30 months. Honestly, my aspiration for the brand was to take it to Rs 100 crore revenues within 4-5 years of having started it. It looked very realistic should we have received normal amounts of funding, given that we were a very capital efficient and working capital-light company,” Agarwal told a financial daily. The employees were given a notice of two months before the official release. Some w...
Read More
Days After Snapdeal CFO’s Exit, CTO Rajiv Mangla Resigns
28Oct By RishabhNo Comments
News

Days After Snapdeal CFO’s Exit, CTO Rajiv Mangla Resigns

Merely two weeks after Snapdeal CFO Anup Vikal's exit, its Chief Technical Officer Rajiv Mangla quits the online retailer, a company spokesperson confirmed on Saturday. Rajiv Mangla is said to have resigned from his post on Friday, October 27; and will be  transiting out of his role by 15 December. “Rajiv has played a key role in devising and implementing multiple technology initiatives at Snapdeal, including helping build Snapdeal Cirrus. His ability to continually align a range of ongoing projects with the evolving business needs of the organisation has been invaluable for Snapdeal,” said Rohit Bansal, co-founder of the homegrown e-commerce venture said. The development was first reported by Business Standard. Snapdeal has recently witnessed a string of top-level executives soon ...
Read More
Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms
25Sep By PriyankaNo Comments
BUSINESS

Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms

Confederation of All India Traders (CAIT), leading advocate for small traders and businesses in India, with around 6 crore merchants across 40000 affiliates, urged the government to take action against e-commerce firms like Amazon and Flipkart, accusing them of violation of FDI norms by undertaking retail trading activities. (more…)
Read More
Snapdeal Walks Away From Merger Deal With Flipkart
31Jul By Ankita SinghNo Comments
News

Snapdeal Walks Away From Merger Deal With Flipkart

Jasper Infotech Pvt Ltd owned online marketplace Snapdeal has walked away from talks to sell itself to Flipkart and now looks to try and survive as an independent entity. The online marketplace will try and survive by selling assets and cutting operational costs. (more…)
Read More
Talks For Acquisition Of Snapdeal By Flipkart Hits Roadblock
31Jul By AdityaNo Comments
News

Talks For Acquisition Of Snapdeal By Flipkart Hits Roadblock

Talks for the proposed acquisition of the beleaguered Snapdeal by larger rival Flipkart seem to have broken down after almost six months of negotiations, with the fate of the deal likely to be decided by the end of the day, according to company sources. (more…)
Read More
‘This Is The Best Time For Our Business’ Says Kunal Bahl
28Jul By RishabhNo Comments
Entrepreneurs Talk

‘This Is The Best Time For Our Business’ Says Kunal Bahl

Kunal Bahl comments on the sale of Freecharge to Axis Bank, says it will provide Snapdeal the "necessary boost in resources" to continue its e-commerce journey. Just hours after the deal was announced, Bahl wrote to employees seeking to assuage concerns saying Axis Bank intends to not just retain all Freecharge employees but also "invest significantly" in the team and brand. His comments also assume significance amid reports that the Snapdeal board is leaning towards selling the e-commerce company to Flipkart. Snapdeal earlier announced the sale of Freecharge to Axis Bank for $60 million, which was much lower than the price of $400 million for which it bought Freecharge  back in 2015. Bahl referred to the transaction with Axis Bank was "a great outcome". "They intend to retain...
Read More