Infibeam Avenues Ltd, India’s first listed e-commerce entity, on Friday said it has terminated the deal to acquire Unicommerce eSolutions Pvt Ltd, a subsidiary of e-commerce platform Snapdeal.
Infibeam had entered into a share purchase agreement (SPA) with Jasper Infotech to acquire 100 per cent stake in Unicommerce for about Rs 120 crore ($17 million at current exchange rate) in May this year. Unicommerce is a fully owned subsidiary of Jasper Infotech, which owns Snapdeal.
