Snehal khanna Blog

Softbank would in all probability invest in Flipkart and not continue its association with Snapdeal LATEST NEWS :  After five months, countless man hours of deliberation and numerous board meetings, the biggest consolidation in the Indian e-commerce history between Snapdeal and Flipkart has been called off, sources said. Sources added that Softbank would in all probability invest in Flipkart on its own and not continue its association with Snapdeal. The Snapdeal founders Kunal Bahl and Rohit Bansal, as well as early stage investor Nexus Venture Partner and smaller shareholders such as PremjiInvest, had  all along expressed reservations about the deal. While Snapdeal board’s resolution is still to be out, sources said that Softbank, as well as Snapdeal, would come out with a statement announcing that the deal with Flipkart has been called. Sources close to the deal said that the board finally agreed that it would be better for Snapdeal to continue the operation...

Premji has no objection to a $30-mn special payment for Snapdeal employees, reports Tech in Asia Latest news : The family office of billionaire Azim Premji, one of the early investors in Snapdeal, has written to its board objecting to special payouts for the founders and two larger investors, Kalaari Capital and Nexus Venture Partners, as part of the buy-out deal with Flipkart . This puts a spanner in the works for India’s biggest e-commerce merger, reports Bloomberg citing anonymous sources familiar with the discussions. Snapdeal founders Kunal Bahl and Binny Bansal along with Kalaari and Nexus had negotiated hard on compensation because Snapdeal’s proposed sale at a valuation of $1 billion is a fraction of its peak valuation of $6.5 billion. Kalaari and Nexus are set to receive $60 million in addition to equity in Flipkart, while the founders get a combined handout of $30 million, under the terms of the deal. PremjiInvest is objecting to differential payments, as othe...