India’s largest Online marketplace Flipkart has offered $ 1 billion to its comparatively smaller rival Snapdeal to buy the company in the all-stock deal according to the reports.
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Amid spat between Snapdeal’s and its prime investor Softbank, the deal is offered as non-binding. Jasper Infotech Pvt Ltd, a Delhi-based company that runs Snapdeal is yet to decide the settlement in dispute of the company exit payouts with Kalaari and Nexus, but the recent talks between Snapdeal and Flipkart haves pushed the deal closer according to the sources.
Investment bank Suisse which helped Snapdeal raise funds in 2014 is now representing Snapdeal in this deal with Flipkart.
Kalaari and Nexus are still in differences and Softbank has proposed 60 million to Nexus and about $30 million to Kalaari and Snapdeal founders Bansal and Behl have been offered $15 million each with extra $30 million for the management team and staff.
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The non-binding deal between Flipkart and Snapdeal will take place in nex few days according to the reports.
E-wallet Giant Paytm has offered $40-50 million to crack a deal with Snapdeal to buy its E-wallet subsidiary Freecharge in all cash deals according to the sources.