India: Flipkart makes $1b informal offer for Snapdeal, no consensus yet on exit payouts

Flipkart co-founders Binny (left) and Sachin Bansal. Photo: Hemant Mishra/Mint

India’s largest online marketplace Flipkart has made an informal offer to buy struggling smaller rival Snapdeal for $1 billion in an all-stock deal, amid persistent differences between Snapdeal’s largest investor SoftBank Group and two other key shareholders.

Even though SoftBank, Nexus Venture Partners and Kalaari Capital Flipkart’s offer is a non-binding one and a formal term sheet will be signed over the next few days, with the due diligence process expected to commence by next week, the people cited above said.

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