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The resignation was sent by Kola on May 2 to the board of Jasper Infotech that runs Snapdeal, according to regulatory filings with the Registrar of Companies (RoC).
Initially, Kalaari as well as Nexus Venture Partners (NVP) had refrained from giving their approval for Snapdeal's merger with Flipkart as they expected better deals. However, NVP recently gave its nod for the sale and Kola's resignation proves that Kalaari has also given its approval for the impending sale.
The founders of the e-commerce site could stand to get about $25 million each, while Kalaari is expected to get $70-80 million, according to an earlier report by Fibre2Fashion. NVP could be receiving $100 million from the deal along with a stake in the merged entity. The online marketplace has been valued at $1 billion. (KD)
Fibre2Fashion News Desk – India
| On 30th Nov 2020
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| On 30th Nov 2020
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