Leading e-commerce Company, Flipkart is believed to have sent a revised offer of $900-950 million that is approximately (Rs 5,466 crore) to buy a smaller rival, Snapdeal.
The Bengaluru-based firm has offered to pay the said amount for buying troubled e-retailer Snapdeal’s online marketplace and Unicommerce, two people privy to the development said. In the year 2015, Snapdeal had acquired Unicommerce, an e-commerce management software, and fulfillment solution provider.
This further development came when Snapdeal, operated by Jasper Infotech Pvt. Ltd, rejected Flipkart’s offer of $700-$800 million earlier this month. Snapdeal had said the offer was significantly lower than its $1-billion valuation.
Now after Flipkart have revised the offer it is expected that the board of Snapdeal (run by Jasper Infotech) will now meet to consider the offer made by Flipkart and is most likely to accept it, one of the sources said.
While Snapdeal’s e-commerce marketplace and seller service business Unicommerce are expected to be part of the deal, the company’s board and management are engaged in talks with multiple parties for the sale of payments are Free Charge and logistics arm Vulcan Express.
Both Snapdeal and Flipkart have not made any remarks on the deal and its closure. However, the deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space.