Snapdeal to Merge with Flipkart for $950 M28 July, 2017
India's two leading e-commerce companies are all set to merge. Initially, Flipkart offered a $900 M offer which was later increased to $950M (Rs. 6,080 crore). Snapdeal's board has accepted the $950 M. The two e-commerce companies are suffering after the American e-commerce giant Amazon.Com entered the Indian market. Earlier, Snapdeal and Flipkart were rivals in the Indian market, but things changed drastically after Amazon's arrival. Now, Flipkart and Snapdeal are all set to take on Amazon . Even if the two companies are merged, they're still far behind Amazon. They'll still have to make some good plans to give atleast some competition to Amazon.
Reportedly, the Snapdeal board has accepted the $950M offer. Some of the big investors have put their money in Snapdeal, it includes Ratan Tata, PremjiInvest, Ontario Teachers, Pension Plan, Foxconn, SoftBank, Temasek and BlackRock etc. Meanwhile the founders of Snapdeal, Rohit Bansal and Kunal Bahl aren't in favour of the merger. Althought, the board is seeking shareholder's feedback but the merger is likely to happen.
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