After the ongoing turmoil in Flipkart Snapdeal merger and continuous board meetings since last six months from both the e-commerce giants to seal the deal, the merger has been finally called off, according to the sources.
Japanese telecom giant Softbank in all probability will be investing in Flipkart by discounting its association with Snapdeal. While the Snapdeal board resolution is still in the process, the sources have claimed that it’s better for Snapdeal to operate alone and the deal has been called off.
The company recently sealed the deal of $60 Million by selling Freecharge its online wallet to Axis Bank. With the amount in hand, the company hopes to run for at least 4 years uninterrupted.
The Snapdeal founders, Kunal Bahl and Rohit Bansal and small investors have expressed reservations about the deal.