Flipkart and Snapdeal are two retail websites that have shown an impressive business performance in the past few years. India, when it was new to the domain of online retail therapy, both Flipkart and Snapdeal provided a source of online shopping to the citizens.
As of the year 2017, there has been the news of a buyout. Snapdeal has agreed to Flipkart’s revised takeover offer of up to $950 million, therefore making available heft to its larger adversary in a high-stakes clash with Amazon.com.
The board of Jasper Infotech, which runs Snapdeal, agreed Flipkart's bid of $900 million-$950 million and a contract is now awaiting the sanction of Snapdeal shareholders.
BRUTAL WAR FOR DOMINATION
India's fledgling e-commerce sector is in the center of a brutal war for domination between Amazon and Flipkart at a time where more and more Indians shop on the web, aided by a burst in the availability of low-priced phones and data plans.
Japan's solar-to-tech multinational corporation SoftBank, Snapdeal's largest shareholder, is enthusiastic to carry out the deal and take an equity stake in Flipkart to yield from India's thriving online retail market.
This story is from the September 2017 edition of Mad About Money.
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This story is from the September 2017 edition of Mad About Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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