Confirmed: There's no deal; Snapdeal, Flipkart call off merger talks
After five months, countless man hours of deliberation and numerous board meetings, a proposed merger between e-commerce players Snapdeal and Flipkart – which would have been the biggest consolidation in the Indian e-commerce history has been called off, Snapdeal has confirmed.
“Snapdeal has been exploring strategic options over the past several months. The company has now decided to pursue an independent path and is terminating all strategic discussions as a result. Snapdeal’s vision has always been to create life-changing experiences for millions of buyers and sellers across India,” Snapdeal spokesperson said.
Sources added that Softbank would in all probability invest in Flipkart on its own and not continue its association with Snapdeal. The Snapdeal founders – Kunal Bahl and Rohit Bansal – as well as early-stage investor Nexus Venture Partner and smaller shareholders like PremjiInvest had all along showed their reservations against the deal.