Snapdeal calls off merger, Flip­kart gets funds

India Business Journal - - NEWS ROUND-UP -

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.

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