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. Also Read | SoftBank losses from Snapdeal, Ola at $1.4 billionFlipkart and Snapdeal did not immediately respond to requests for comment. Snapdeal, which has raised nearly $2 billion in cash, hit a peak valuation of $6.5 billion in February 2016 when it received $50 million from investors. Snapdeal founders Bahl and Bansal have been offered $15 million each, with an additional $30 million for the entire management team and employees at Snapdeal. Investment bank Credit Suisse, which helped Snapdeal raise funds in 2014, is representing Snapdeal in the proposed deal with Flipkart.

Source: Mint May 11, 2017 18:17 UTC