Bengaluru: Struggling online marketplace Snapdeal has received Rs113 crore in an emergency financing round from existing investor Nexus Venture Partners and the company’s founders.
The funding will not affect Snapdeal’s proposed sale to Flipkart, three people familiar with the matter said, on condition of anonymity. Snapdeal (Jasper Infotech Ltd) has been in talks to sell itself to bigger rival Flipkart amid a boardroom battle involving its three most powerful investors and its co-founders Kunal Bahl and Rohit Bansal.
Japanese technology and telecoms conglomerate SoftBank Group Corp, Snapdeal’s largest investor, is trying to engineer the sale after giving up on the online marketplace, which has lost out to Flipkart and Amazon India in the e-commerce battle. At the other corner are Nexus, Kalaari Capital and the Snapdeal co-founders, all of whom were initially opposed to the sale.
Nexus, one of Snapdeal’s earliest backers, was issued shares worth Rs96.26 crore in the latest round, documents with the Registrar of Companies (RoC) show. Snapdeal chief executive Bahl and chief operating officer Bansal received shares worth Rs8.45 crore each, the documents show.
read more –LiveMint
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