Flipkart Will Buy Snapdeal For $900 Million.

According to the world clothing shoes and hats net, on the afternoon of July 26th, citing informed sources, India e-commerce platform

Have accepted

The revised terms of purchase will be sold at the price of 9-9.5 billion.

In this paction, Infibeam, another e-commerce site, also proposed to buy Snapdeal at a price of 1 billion US dollars.

Reported that Snapdeal accepted the takeover clause last week and is waiting for shareholders to nod.

Whether this paction includes other departments of the company, such as the payment department FreeCharge, the logistics department Vulcan Express, and the online ordering management business unit UnicommerceeSolutions, are not clear.

When Flipkart first contacted Snapdeal to discuss the acquisition, he gave a $5-6 purchase price and was rejected by the latter, and the company raised its price to $850 million.

However, the latest news is that the co founder of Snapdeal has resisted the takeover proposal of Flipkart. The company's board of directors plans to vote on all shareholders, according to people familiar with the matter.

In the two days of the conference call, Snapdeal's two co founders, Kunal Bahl and Rohit Bansal, disagreed with the board about Flipkart's acquisition terms of $950 million.

Unable to reach an agreement, the 6 member Snapdeal Board plans to turn to Jasper Infotech Pvt, which is Snapdeal.

The holders of the 30 Jasper investors decide the fate of the company.

In the board of Snapdeal, Softbank has 2 seats, two co founders make up 1 seats, and the other 2 seats are early investors Nexus Venture Partners and independent member Akhil Gupta.

The two co founders urged members of the board to consider alternatives other than Flipkart's takeover proposal, for example, to merge with Infibeam or to raise funds by selling digital wallet service FreeCharge to maintain independence.

Snapdeal was founded in February 2010. It was the second largest electricity supplier in India until 2015 when it was surpassed by Flipkart.

Last year, the company valued at $6 billion 500 million after a round of financing.

But after Amazon fully entered India, Snapdeal's business began to collapse.

Over the past two years, in the face of Amazon and Flipkart's double-sided attack, Snapdeal has increased its brand publicity and marketing efforts, but its market share is shrinking.

Up to now, Snapdeal has invested $2 billion 180 million, including $627 million from Softbank in 2014.

Other investors of the company include Kalaari Capital, Nexus Venture Partners, Blackstone, Temasek, Foxconn, eBay, Premji Invest, Intel capital, Bessemer Venture Partners, and Bessemer.

In April of this year, eBay invested $500 million in Flipkart and sold its India business to the Bangalore company.

Not long ago, Snapdeal won $17 million 500 thousand in emergency investment, and the investor was Nexus Venture Partners and its co founder Kunal Bahl and Rohit Bansal.

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