Monday, 31 July 2017

Snapdeal founders keen to run smaller online marketplace, oppose Flipkart bid

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Snapdeal's founders are opposed to the Indian e-commerce firm's acquisition by bigger rival Flipkart and would instead prefer to independently run a smaller version of the online marketplace.

The board of Jasper Infotech, which runs Snapdeal, had in-principle agreed to Flipkart's revised buyout bid of up to $950 million and a deal was pending approval of smaller shareholders.

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However, Snapdeal founders Kunal Bahl and Rohit Bansal still do not want to sell Snapdeal to Flipkart, and would rather run a stripped-down version of the online marketplace with funds from the sale of the firm's payments arm FreeCharge and its logistics unit Vulcan Express, two sources said on Monday.

The sources asked not to be named as the talks were private.

A third source said two early stage investors in Snapdeal, Kalaari Capital, and Nexus Venture Partners, were also reluctant to back a deal with Flipkart.

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