Snapdeal’s largest investor SoftBank is learnt to have moved a step closer to securing the consent of co-investor Nexus Venture Partners (NVP) for selling Snapdeal to India’s largest ecommerce firm Flipkart.
Japan’s SoftBank, which invested $1 billion since 2014 in Jasper Technology held ecommerce company Snapdeal, organised a meeting on Tuesday to end the impasse, said people familiar with the development.
Sources highlighted that valuation has been one of the hurdles in the deal, as Kalaari Capital and Nexus were not in agreement with the valuation given by SoftBank.
According to ecommerce analyst, the merger also will change the landscape of the ecommerce sector, where Amazon going ahead with its strategy to systematically bring on board more users.
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