Flipkart Going To Acquire Long Time Rival Snapdeal - News
Mobile App

Flipkart Finally Going To Acquire Long Time Rival Snapdeal

The acquisition figure has not been revealed yet

https://dk2dyle8k4h9a.cloudfront.net/Flipkart Finally Going To Acquire Long Time Rival Snapdeal

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.

For the Latest tech news and reviews, follow MobileAppDaily on Twitter, Facebook, LinkedIN, Instagram and Flipboard.

James Lawson
Written By James Lawson

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.

Top Companies

InMobi
Singapore
Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
Techmagnate
New Delhi, India
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
Mobile App

Taylor Swift Launches The

Akash Singh Chauhan 4 min read  

The long-awaited Taylor Swift app for the Swift fans is finally here and can be accessed by anyone. By keeping her promise Taylor Swift, the popular American pop star launched her mobile app named ‘Taylor Swift Life’ today. The app out now globally for the Swift fans across the globe to

Mobile App

How Are Apps Revolutionizing the Online Casino Experience?

Vikram Khajuria 4 min read  

Our smartphones and tablets have transformed the way we entertain ourselves, both at home and on the go. From manually dragging and dropping videos and MP3s to modern, instant streaming services, the portable and internet-connected nature of our smart devices has given rise to not only entirely new

Mobile App

Mobile App: Some Essential Features to Attain Success

Joshua Anderson 4 min read  

These days, smartphone apps have become an integral part of businesses of all sizes. This is because with an app, you can give your business a constant presence on the mobile phones of your esteemed customers and due to this, customers can access the information at anytime and from anywhere. In addi

Mobile App

'Hello Hope' An Inspiration by Turkcell Facilitating the Syrian Lives

Ariana Johnson 4 min read  

Severe chaos in Syria has become the reason for worst ever refugee crisis. More than 4 million refugees had to relocate from Syria. For all the refugees and migrants mobile phone technology has become a blessing in disguise and one of the most integral belongings. Mobile messaging apps and social me