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Snapdeal calls off talks with Flipkart

by VARINDIA 2017-08-01

After six months of negotiations, the e-tailer giant, Snapdeal has closed all talks with Flipkart about its merger.

According to the news report, a company spokesperson has said that the company has been exploring strategic options for the past several months, but it has now decided to follow an independent path. Snapdeal has always focussed on creating a life-changing experience for the buyers and sellers and to take it further. The company is expected to be financially self-sustainable with the sale of certain non-core assets.

The investor of Snapdeal, SoftBank, issued a statement and said, "Supporting entrepreneurs and their vision and aspirations is at the heart of Masayoshi Son's and SoftBank's investment philosophy. As such, we respect the decision to pursue an independent strategy. We look forward to the results of the Snapdeal 2.0 strategy, and to remaining invested in the vibrant Indian e-commerce space."

This strategic move was revealed after Snapdeal’s digital payment platform, FreeCharge, was sold to Axis Bank for Rs.385 crore, which has fuelled the company’s battle to retain its power in the online marketplace.