Finally, the long time running talks about the acquisition of the Indian e-commerce firm Snapdeal come to an end. The company is finally bought by the rival e-commerce platform which is trying to take it under the acquisition for so long. There is no actual figure about the deal but, it is under the $1 billion.
According to the report from Reuters, the deal is closed between $900-$950 million, which is also confirmed by the Techcrunch on their latest blog. Snapdeal, the Indian based e-commerce platform active since last seven years has raised the funding of $1.5 billion which includes the investor Softbank and Alibaba.
Snapdeal is also set to sell its assets, including the Freecharge which it acquired two years ago. The Economic Times reported that the payment app will be sold to the Softbank most probably.
The all time rival of the Snapdeal, Flipkart was substantially losing its hold in the Indian market lately. However, under the supervision of the CEO of the company Kalyan Krishnamurthy who took the role in the January 2017 the company is emerging as the problem for the Amazon. The company already owned the other major online shopping portal in the country including, Myntra, eBay.in and Jabong. Buying the Snapdeal gives leaves the Flipkart to compete with the only major Platform for online shopping Amazon in the nation.
To evolve, Flipkart raises the fresh funding of $5.6 billion from the eBay, Microsoft, and Tencent at a valuation of $11.6 billion in April. The company itself is investing in the Indian small business and startup since its existence in 2012.
James is a writer and editor at MobileAppDaily and he is famous as a tech journalist at MobileAppDaily. He focuses on the mobile app startups & ventures and brings them to the light. He has started his career as a tech writer 6 years ago just after completing his degree in Broadcast and Digital Journalism.