Snapdeal denies report of sale talks with rivals Paytm, Flipkart
MUMBAI: Indian online marketplace Snapdeal was in talks with domestic rivals Paytm E-Commerce Pvt Ltd and Flipkart for a potential sale, Mint reported.
However, a Snapdeal spokesperson has denied the report.
“Your information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction,” said the spokesperson.
Mint had reported that Japan’s Softbank Group, an investor in Snapdeal, was leading the sale talks, and the deal could value the online retailer at less than the total equity raised by parent Jasper Infotech Pvt Ltd.
Softbank was expected to inject up to US$50 million (RM221.5 million) in bridge financing until a deal was finalised, said the report.
Snapdeal said last month it would lay off 600 employees Reuters
Snapdeal is planning to lay off 600 employees.