Snapdeal accepts Flipkart’s $900-million takeover offer
By MYBRANDBOOK
Snapdeal’s board has approved its competitor Flipkart’s revised takeover offer of up to $900 million. The announcement of approval has also brings to an end the long-delayed merger talks that began almost a year ago with Snapdeal sending feelers to Flipkart.
According to the reports, The Snapdeal board will now consult other shareholders, and the deal is likely to formally conclude early next month.
Snapdeal, which posed a challenge to Flipkart’s leadership in its prime, began losing traction after Amazon doubled down on its India expansion plans. Investors’ reluctance to pump more money into the troubled e-tailer decelerated it even more, forcing it to opt for a merger with Flipkart.
The discussions assumed greater seriousness early this year. People close to the development said the merger deal involves only Snapdeal’s marketplace, and the firm is looking for options for its subsidiaries such as FreeCharge and Vulcan Express. Reports suggested that both the companies were not immediately available to comment on the development.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SECUREYE SERVICES PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
EXIDE INDUSTRIES LTD.
ZOHO CORPORATION PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
PARTNER SPEAKERS
PSU
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
