Its Final !! Flipkart To Buy Snapdeal !

Lucy Hill
May 13, 2017

NVP is another crucial investor in Snapdeal and Yes should be likely expected for the biggest e-commerce merger in the country. NVP has been an early investor in Snapdeal.

Founded by Kunal Bahl and Rohit Bansal in 2011, Snapdeal was one of the early unicorns among the Indian start-ups and was the second-largest e-commerce marketplace in India till about previous year. But things may change now, said analysts.

Vijay Shekhar Sharma-led Paytm is also reported to be in advanced stages of discussions to raise up to $1.9 billion in fresh funding from Japan's Soft-Bank, a move that could take Paytm's valuation to $8 billion or up to $9 billion. Ltd, which runs snapdeal.com, an e-commerce site in India, and ANI Technologies Pvt. "The situation caused a material decrease in net asset value of STARFISH I PTE as of March 31, 2017", the company explained in a separate filing on its website. Sources said, before the accelerated fall of Snapdeal and its group entities, it had managed to garner interest from investors, some of which valued the mobile wallet player at $900 million. With intense competition from deep-pocketed global rivals like Amazon, companies like Flipkart and Snapdeal could face more heat in the coming days.

If the sale materialises, it would mark a deal ahead of rumoured acquisition of Snapdeal by bigger rival Flipkart. On Wednesday, SoftBank said it suffered a loss of $1billion ('6,500 crore) on its investment in Snapdeal during 2016-17.

The seven-member board of Jasper Infotech (which operates Snapdeal) includes representation from investors SoftBank, Kalaari Capital and NVP, as well as co-founders Kunal Bahl and Rohit Bansal.

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As far asPaytm is concerned, reports suggest that in April SoftBank agreed to invest over $1.4 billion in Paytm.

"SBG (SoftBank Group) recorded losses from financial instruments at FVTPL of JPY 1,60,419 million in its consolidated financial statements for the fiscal year ended 2017". Financial instruments at FVTPL (fair value through profit or loss) included preferred shares of Jasper Infotech Private Limited and ANI Technologies Private Limited.

Snapdeal is now valued at $7 billion while Ola at $3.5 billion.

The company had previously written down as much as 58.1 billion yen ($555 million) in the same companies for the six-month period ending September 30, 2016.

In December, Ola raised $350 million from SoftBank, RNT Capital and Falcon Edge Capital at a valuation of $3.5 billion.

Other reports by TheDailyFarc

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