Flip­kart, Snapdeal founders trade barbs over Alibaba In­dia en­try

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: The founders of E-com­merce ri­vals Flip­kart and Snapdeal on Satur­day slugged it out on so­cial me­dia over Chi­nese on­line re­tailer Alibaba's plans to en­ter the In­dian mar­ket. Alibaba, which has in­vested in In­dian e-tail­ers such as Paytm and Snapdeal, re­cently said that it plans a fullfledged en­try into the In­dian mar­ket.

Tak­ing a pot-shot at com­peti­tors, Flip­kart co-founder Sachin Bansal in a tweet said, "Alibaba de­cid­ing to start op­er­a­tions di­rectly shows how badly their In­dian in­vest­ments have done so far." Hit­ting back, Snapdeal founder Ku­nal Bahl tweeted, "Didn't Mor­gan Stan­ley just flush 5bn worth mar­ket cap in Flip­kart down the (toi­let seat icon) Fo­cus on ur busi­ness not com­men­tary (smile icon)".

Alibaba China has a nearly 40 per cent stake in One97 Com­mu­ni­ca­tions which runs Paytm. In Fe­bru­ary, a mu­tual fund firm un­der Mor­gan Stan­ley marked down the value of Flip­kart's shares by 27 per cent. In a reg­u­la­tory fil­ing the firm said it val­ued Flip­kart stake at $58.93 mil­lion in De­cem­ber 2015, as com­pared to $80.62 mil­lion in June 2015. Flip­kart in Fe­bru­ary, be­fore the fil­ing by Mor­gan Stan­ley fund, had said it is val­ued at $15.2 bil­lion. In re­cent times, on­line re­tail­ers such as Flip­kart and Snapdeal have sparred on so­cial me­dia over var­i­ous is­sues.

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