First News
Volume:8, Number:04
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Business & Finance 3

Snapdeal Wants Flipkart to Pay USD900 Million for Buyout

Online marketplace Snapdeal has asked bigger rival Flipkart to pay at least USD900 million in stock after rejecting the latter’s latest offer to buy the company, said people familiar with the matter. Flipkart is yet to respond to Snapdeal’s demand but the company will send a new offer that will be higher than its previous bid of USD700-750 million, they said on condition of anonymity. Mint reported on July 4 that Snapdeal had rejected an offer of USD700-750 million from Flipkart, which had initially proposed buying Snapdeal for close to USD1 billion. The companies hope to agree on the price and the broad terms of the deal by the end of next week, said the people cited above. After that, the companies will continue to negotiate on the final terms of the transaction, they said. Snapdeal, which has raised nearly USD2 billion in cash, hit a peak valuation of USD6.5 billion in February 2016 when it received USD50 million from investors.

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