Flipkart acquires eBay India; all formalities completed
Flipkart acquires eBay India; all formalities completed
Ola founder Bhavish Aggarwal. Soft Bank is the largest investor in the Indian cab-hailing firm
01 August, 2017, 16:58
Depleting cash reserves had dragged Snapdeal, whose stakeholders include Foxonn, Tencent, Blackrock and Ontario Teacher's Pension Fund, to a vulnerable position in the last few months. "The company has now chose to pursue an independent path and is terminating all strategic discussions as a result", Snapdeal spokesperson said in an emailed statement to PTI, without naming Flipkart. The talks have been plagued by quiet disagreement between the two sides, especially on the part of Snapdeal's founders who are reportedly concerned over the terms of the buy-out and payments to them and their early investors.
Bengaluru-based e-commerce marketplace Flipkart has appointed Goldman Sachs as an adviser for the proposed acquisition of rival Snapdeal, a financial daily reported. It later carried out a rebranding exercise, slashed its workforce and started serious talks with Flipkart for a sale.
Bahl from Snapdeal mentioned that the deal was pretty complex to execute. Snapdeal has sold its mobile wallet FreeCharge to Axis Bank for Rs 385 crore. The sale will hopefully provide the capital the two founders need to keep control of their company and boost Snapdeal market share. The company has now made a decision to pursue an independent path and is terminating all strategic discussions as a result. In the letter, they have said that with the ongoing streamlining of costs and sale of some of the assets, such as Freecharge, "we are financially self sufficient as a company and don't need to raise additional capital to reach profitability'".
E-commerce giant Flipkart on Tuesday successfully completed the merger with eBay India, PTI reported.
According to sources in Snapdeal, the company will go ahead with a new business model and will cut cost by reducing staff and stopping non-performing business.
Other strategic and institutional investors in Snapdeal are Ontario Teachers' Pension Plan, Foxconn, Temasek and BlackRock.
For now, Snapdeal can only move forward with its contingency plan to shift Snapdeal away from its selective merchant-centric platform to a Taobao-like open marketplace that could hopefully lure more users.
The company had briefly courted the idea of merging with Infibeam but did not make any substantial progress in this regard.
US companies like Amazon, Facebook Inc. and Uber Technologies Inc. have been expanding quickly in India, eager for a foothold in an internet economy that is growing as legions of people access the web for the first time, taking advantage of cheap smartphones and data plans.
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the USA print edition of The Wall Street Journal (August 1, 2017).
EBay itself failed against Flipkart and Amazon in India and it rolled its India business into Flipkart earlier this year with the USA parent putting in additional money into the homegrown e-tailer.
Meanwhile, Appunni said that it was Dileep , who told him to speak to Suni when he telephoned him from jail. The police also asked Siddique about those who spoke in favour of Dileep in the Amma general body meeting.
Paris Jackson , the 19-year-old daughter of Michael Jackson , and her godfather Macaulay Culkin got matching tattoos . Culkin even testified at Jackson's 2005 child molestation trial and defended him against the allegations.
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There's a handy FAQ on how the update will work for each platform - which is just as well, as it is a little complicated. Many features of the update are included in the beta, like the Marketplace, but servers are not yet functioning.
According to Variety , the IPO "will reportedly come in the way of a direct listing on the New York Stock Exchange". The music streaming company will promote podcasts, thus venturing into a market dominated by Apple .
After selling off most of their useful assets the past few weeks, the Chicago White Sox were ready to let their rookies play. It is uncertain if trips the disabled list are in order, but we would not be surprised if Garcia landed on the 10-day list.
The NBL season tips off on October 5, meaning the Kings have an extremely quick turnaround before their season opener. The Breakers have won four of the last seven ANBL championships and played in five of the last seven grand finals.
Late last week, Bennington's widow Talinda issued a statement regarding her husband's death via Rolling Stone . Samantha added that Chester will never be gone as "our souls & energy are forever connected".
By the time, ITBP personnel reached the area, the Chinese soldiers had left", said an officer in the security establishment. The Chinese troops had reportedly entered 30 km into the Indian side claiming it to be a part of its Xinjiang province.
US Hits Venezuela with New Sanctions After Election
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Plano woman's body found in hole on Maryland beach
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Daenerys Takes Flight in Game of Thrones "The Spoils of War"
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Moeen Ali hat-trick breaks records and seals England win
Rabada obligingly fell at slip, first ball, catching practice for Stokes as Moeen tossed one up and invited him to do his worst . But, for all that, there were a couple of hard bastards - Dean Elgar and Temba Bavuma , and they will be back today.