Snehal khanna Blog

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...

      Early-stage investors said to be 'livid' over valuation at which SoftBank wants to exit Snapdeal The plot only gets thicker from here, as even after multiple rounds of talks, Softbank has not been able to convince the early-stage investors in Gurgaon-based Snapdeal for a sale which would help the Japanese major exit from the company. According to four sources privy to the developments, while early-stage investors in  Snapdeal  – Kalaari Capital and Nexus Venture Partners – are confident of the company's present business plan and want it to go for an initial public offering (IPO) in the next two years, Softbank wants to immediately sell its stake and hedge its bets in other e-commerce ventures, something which has caused a major rift between the two parties. Read this : Tiger Global sinks teeth into Flipkart, Snapdeal merger Also, according to sources, while Softbank is trying to sell its stake in Snapdeal, where it is the biggest shareholde...