While Snapdeal saga, Flipkart made headlines in recent days, the deal now seems to have a new person at Infibeam.
The online market, the only e-commerce company in the country that is publicly traded, is expected to discuss with Snapdeal merger.
For this purpose, Infibeam has mapped out a set of conditions with the basic conditions under which an investment is made and is prone to develop Snapdeal at $ 1 billion, a source told the Times of India.
The company based in Ahmedabad, Gujarat, has a market capitalization of around Rs 6100 and the merger with Snapdeal materializes, the duo will create an e-commerce giant 2 billion.
The merger proposal, which excludes the Freelarge digital payment arm and logistics Vulcan Express arm Snapdeal is considered beneficial for both, as they can fill the gaps with each other.
“While Infibeam is focused on cross-business trading, Snapdeal is a platform for consumer-based online retailing, so this merger can generate synergies in its operations.” While Infibeam gave a list terms, this is not the End of the road for Flipkart, “another person close to the case told TOI.
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While Snapdeal chose to remain tight on the proposed merger, Infibeam came and denied having bid for the online market.
Infibeam, which acquired the digital payment platform CC Avenida Thursday, July 13 denied reports that it reaches a sheet terms. “No, we have not made any offer Snapdeal,” said founder and MD Infibeam Vishal Mehta.
Snapdeal Flipkart rejected $ 700 to $ 800 million purchase offer Tuesday, July 4. Although it did not explain why it had decided to reject the offer, negotiations for the sale were in course.
It was suspected that the Snapdeal Board was not happy with the Flipkart offer, which was much lower than its initial offer of $ 1 billion.