Online marketplace Snapdeal has asked bigger rival Flipkart to pay at least $900 million in stock after rejecting the latter’s latest offer to buy the company, two people familiar with the matter said. Mint reported on 4 July that Snapdeal (Jasper Infotech Pvt Ltd) had rejected an offer of $700-750 million from Flipkart, which had initially proposed buying Snapdeal for close to $1 billion. Since then, Snapdeal, which had been running Flipkart close and was bigger than Amazon India at the time, has struggled. The Snapdeal sale to Flipkart is being done mainly for the benefit of SoftBank and Tiger Global Management, Flipkart’s largest investor. In January, Flipkart’s board led by Tiger Global’s Lee Fixel had named Kalyan Krishnamurthy, Fixel’s deputy at Tiger, as CEO of Flipkart.

Source: Hindustan Times July 13, 2017 08:03 UTC