During interrogation, the accused confessed that they sold these wild life related items through portals – Snapdeal, India Mart, Wish and Buy, and Craft Comparison. Initially, the accused defended themselves by claiming that the items are not related to wildlife.
Sectoral analysts suggested that while it was imperative for Snapdeal to find a suitor to handle its financial troubles, but the deal did not make much sense for Flipkart except that it could have helped the Bengaluru-based e-commerce firm get backing from SoftBank.
The failure to forge a merger would be a setback to Softbank Group, the largest investor in Snapdeal, as it has been attempting to engineer an all-stock deal for months
Flipkart and Snapdeal have been in merger talks since at least April as they debate the proper terms of a combination. One central issue has been that Snapdeal investors will see the value of the business cut by at least 85 percent from its peak of $7 billion.
According to reports, Snapdeal has rejected the $800-900 million dollar offer as the Board members were dissatisfied with the quoted price. Flipkart is expected to make a revised offer soon, reports say.
SoftBank said in its earnings statement, “Highly competitive e-commerce market in India has made a trend of the company’s business performance lower than initially anticipated.”
Though Fitbit devices are available only on Amazon, rival e-commerce portal Snapdeal claims to have genuine Fitbit products available for sale.
The board of Snapdeal is expected to meet today to discuss the potential sale of India’s third largest e-commerce firm to larger rival Flipkart.
Many people uninstalled the mobile app of e-commerce platform ‘Snapdeal’ instead of social network app ‘Snapchat’ to mark their protest against unverified comments
SoftBank Group Corp.’s Masayoshi Son and Amazon.com Inc. founder Jeff Bezos are heading for a clash in India.
Snapdeal’s founders in an email to employees said the company will ensure there is no disruption to staff.
E-commerce firm Snapdeal today said various anti-fraud measures taken by it have resulted in savings of Rs 3 crore per month for the online platform.
Snapdeal denies any sale talks but, ultimately, it looks to have the weakest hand in the country.
Snapdeal reported a loss of 29.6 billion rupees in the financial year to March 31, 2016.
With hundreds of employees being handed out pink slips by companies such as Snapdeal and Stayzilla,