Infibeam joins the race with Flipkart to acquire Snapdeal

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Deals worth Rs 100 cr on Snapdeal on digital payment

Bengaluru: Amid the talk of Snapdeal being sold to India’s e-commerce giant Flipkart, the board of Jasper Infotech Pvt. Ltd owned e-commerce major is again divided about the company’s future.

According to a latest report, Snapdeal co-founders Kunal Bahl and Rohit Bansal are pushing for a sale to Infibeam Inc. or getting Snapdeal to survive as an independent company by going with job cutting and shrinking the business for survival.

Meanwhile, the largest intervestor of Snapdeal, SoftBank Group Corp., is pushing for a sale to bigger rival Flipkart.

The report further adds that Infibeam, the only listed Indian e-commerce firm, made an offer of roughly $700 million in stock for Snapdeal last week..

While that is lower than Flipkart’s $850-million bid, Bahl and Bansal are keen on selling the company to Infibeam as they may retain control of Snapdeal in that case, the people said. Whereas, the two entrepreneurs would have to leave Snapdeal if the sale to Flipkart goes through, the people said.

 

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