MUMBAI: Japanese giant SoftBank is orchestrating a possible merger between the struggling Snapdeal and its bigger rival Flipkart , according to people close to the development. "SoftBank and Flipkart have agreed on the broad contours of the deal. Sources said SoftBank and Masa will need to convince Vision Fund 's sponsors about the efficacy of pouring money into Flipkart in a bid to salvage the group's investment in Snapdeal. "Flipkart is not keen on taking more than $1 billion in new funds as it would tantamount to heavy dilution. That got further bolstered in January this year when Kalyan Krishnamurthy, an ex-MD at the fund, took over as CEO of Flipkart, with the objective of turning around the company.

Source: Economic Times March 28, 2017 02:48 UTC