Infibeam on Monday said it will acquire Snapdeal's subsidiary Unicommerce, which offers e-commerce enablement software, in a deal worth up to Rs 120 crore
Snapdeal posts Rs 4,647 crore net loss in 2016-17, impacted by provision for 'impairment of goodwill'
Snapdeal's total income also declined by 12.6 percent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.
Full text: Snapdeal's Kunal Bahl, Rohit Bansal tell staff 'new path' already profitable at gross level
It is time to focus on the business and leverage all our strengths to progress towards our vision of building the best marketplace, Snapdeal's Kunal Bahl and Rohit Bansal said in the letter
Through Snapdeal 2.0, the company wants to enable anyone to set up a store online in a few minutes
The founders (Kunal Bahl and Rohit Bansal) and shareholders have not yet agreed on the terms of the deal
Snapdeal Board is now expected to meet next week
The development comes after Snapdeal rejected Flipkart's earlier offer of $800-850 mn
The cash-strapped firm, over the past few months, has trimmed workforce and shut down non-core operations in a bid to control costs
Compared to a valuation of about USD 6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about USD 1 billion.
The meeting remained inconclusive as NVP -- an early-investor in Snapdeal -- has still not agreed to the valuation given by SoftBank
The board of Snapdeal is expected to meet tomorrow to discuss the potential sale of India's third largest e-commerce firm to larger rival Flipkart.
Additional Sessions Judge RK Tripathi issued a notice to Snapdeal CEO Kunal Bahl, COO Rohit Bansal and its former chief financial officer (CFO) Vijay Ajmera for allegedly cheating.
The decision to give such a good pay hike has been taken at a time when Snapdeal's largest investor SoftBank is believed to be working towards sale of the e-commerce platform and a final decision is likely to be made in the next few weeks
The founders said the annual performance review process is nearly complete and employees will receive salary revision and promotion letters (where applicable) over the next two weeks.
Indian online retailer Snapdeal is looking to raise just over $100 million from existing shareholders including Japan's SoftBank and new investors, its chief financial officer said.
SoftBank is the largest shareholder in Snapdeal.
Snapdeal expects to turn profitable in two years and is eyeing a market listing around the same time
Japanese conglomerate Softbank has appointed its most experienced e-commerce veteran Kabir Mishra to the Board of e-commerce firm Snapdeal to support the company.
Snapdeal's fouunders have written a letter that founders of many Indian startups, now facing funds crunch, may want to write
Bahl conceded that over the last 2-3 years, with all the capital coming into this market, the company and the entire industry "started making mistakes"