Snapdeal de­nies re­port of sale talks with ri­vals Paytm, Flip­kart

New Straits Times - - Business -

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

BLOOMBERG PIC

Snapdeal is plan­ning to lay off 600 em­ploy­ees.

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