Mumbai: The biggest merger in India's e-commerce market is likely to take place next week. A report says troubled e-commerce player Snapdeal would merge with number one player in the segment Flipkart, soon.
"Once the deal is done, Snapdeal founders Kunal Bahl and Rohit Bansal would leave the organisation," VCCircle quoted a person familiar with developments as saying.
Some media reports had earlier said that Snapdeal’s digital payments arm FreeCharge and order management provider Unicommerce would be part of the deal. However, its logistics arm Vulcan Express is likely to be divested, a source told the news service. The report added Softbank refused to comment whereas Snapdeal and Flipkart did not give immediate reply.
Earlier news agency PTI had reported that Softbank, Japenese investor in Snapdeal, was close to getting approval from its partner investor Nexus Venture Partners for Snapdeal’s sale to Flipkart. It also claimed that “Nexus finally seemed to be warming up to the idea.”
Top three investors Softbak, Nexus and Kalaari Capital in Snapdeal had in past failed to arrive at a consensus on proposal to sale Flipkart owing to certain differences that surfaced after the proposal was first mooted....