Flipkart Snapdeal merger called off
- IndiaGlitz, [Monday,July 31 2017]
One of e-commerce's biggest merger till date was set to happen this week, the $950 million deal between Flipkart and Snapdeal has been called off. Speaking to the press, the owners of Snapdeal have mentioned that they would like to take the company on Independent path and see how innovation can take them ahead. It was only a week before that the Flipkart board had given a hefty rise to $950 million for the acquisition.
Snapdeal also sold digital wallet space FreeCharge to Axis bank last week. Of the Flipkart Snapdeal deal had taken place it would have been the biggest in terms of an e-commerce merger till date.