Snapdeal calls off merger, Flipkart gets funds
Beleaguered online marketplace Snapdeal last month called off talks for its merger with rival Flipkart, India's biggest e-commerce player. The Gurgaon-based Snapdeal said that it wanted to pursue an "independent path". Snapdeal said that it expected to be financially self-sustainable by selling certain non-core assets. Last week, Axis Bank agreed to buy mobile payments wallet provider FreeCharge from Snapdeal for Rs 385 crore. Meanwhile, Japan's Softbank, the largest investor in Snapdeal, pumped in $2 billion (around Rs 12,800 crore) in rival Flipkart. The Japanese conglomerate, which was pushing for a Snapdeal-Flipkart merger, now seems to be betting on Flipkart to take on US rival Amazon in India.