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Nexus agrees to sell Snapdeal to Flipkart
May '17
Nexus Venture Partners (NVP), a co-investor in Snapdeal, has agreed to sell the e-commerce portal to Flipkart. The largest shareholder in Snapdeal, Japan based Softbank, had already secured the go-ahead of the portal's founders and venture capitalists Kalaari Capital. NVP was in disagreement over the valuation that was suggested by Softbank for the sale.

Snapdeal could soon sign a term sheet with Flipkart regarding the 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, said media reports quoting sources. NVP could be receiving $100 million from the deal along with a stake in the merged entity.

During the last funding round in February 2016, Snapdeal was valued at $6.5 billion, which could now be reduced to $1 billion, according to market watchers.

Softbank, which owns 30 per cent stake in Snapdeal, suffered a loss of $1 billion on investments made in the e-commerce portal during 2016-17. NVP holds 10 per cent share in Snapdeal, while Kalaari has an 8 per cent stake in it. (KD)

Fibre2Fashion News Desk – India

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