Business

SoftBank preps Snapdeal for sale, looks to buy Kalaari, Nexus stakes

Snapdeal's three biggest investors - Japan's SoftBank, Kalaari Capital and Nexus Venture Partners have moved closer to resolving an impasse, potentially clearing the way for a sale of the e-tailer to one of its rivals, Flipkart or Paytm, according to a Mint report, citing unnamed sources.

The newspaper report said that at a board meeting of Jasper Infotech, the company behind Snapdeal, on Tuesday, SoftBank showed interest in buying a part of the stake owned by Kalaari and Nexus.

Such a move would allow SoftBank, which owns more than a 30 percent stake in Snapdeal, to consolidate its ownership position and put it in the driver's seat to negotiate any deal.

The newspaper said Kalaari and Nexus are seeking a sum of $100 million each for their stakes. Snapdeal promoters Kunal Bahl and Rohit Bansal have also asked SoftBank for a $100 million payout to them and their management teams in order to clear the way for a sale.

A spokeswoman for Snapdeal said no decision has been taken by the board on any matter thus far.

Nexus declined to comment. And Kalaari and SoftBank did not respond to requests for comment.

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