Business

Seven-member board to discuss Snapdeal sellout to Flipkart today

The board of Snapdeal, including co-founders Kunal Bahl and Rohit Bansal are expected to meet on Tuesday to discuss the potential sale of India's third largest e-commerce firm Snapdeal to larger rival Flipkart.

The sale, if finalised, would mark the biggest acquisition in the Indian e-commerce space and change the landscape of the sector that is witnessing an intense competition among players.

On the agenda today will be Nexus Venture Partners (NVP), an early investor in Snapdeal, to agree to the sale deal.

The approval of Nexus Venture Partners will be crucial for the proposed transaction to proceed, according to sources close to the development.

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

The valuation of Snapdeal is believed to be one of the hurdles to the deal, as Kalaari and NVP were not in agreement with the valuation given by SoftBank, which is the largest shareholder in Snapdeal.

SoftBank has now succeeded in getting Kalaari (another early-stage investor in Snapdeal) to agree but is yet to get NVP on board for the deal.

The sources said once NVP agrees, the deal with Flipkart could be announced in a matter of weeks.

Snapdeal was valued at USD 6.5 billion in its last funding round in February 2016. The valuation, however, has shrunk since then and the potential deal could be struck at a discounted rate, say industry watchers.

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