Bengaluru: Snapdeal, run by Jasper Infotech Pvt. Ltd, has walked away from talks to sell itself to Flipkart and the struggling online marketplace will now try and survive as an independent entity by selling assets and cutting costs.
The decision to end discussions with Flipkart marks a big win for Snapdeal founders Kunal Bahl (CEO) and Rohit Bansal (chief operating officer), both of whom were against the sale to their sworn enemy Flipkart from the start. Bahl and Bansal have won the bitter boardroom battle against Snapdeal’s largest investor SoftBank Group Corp, which was pushing for the sale to Flipkart.
“Snapdeal’s vision has always been to create life-changing experiences for millions of buyers and sellers across India. We have a new and compelling direction – Snapdeal 2.0 – that uniquely furthers this vision, and have made significant progress towards the ability to execute this by achieving a gross profit this month. In addition, with the sale of certain non-core assets, Snapdeal is expected to be financially self-sustainable,” a Snapdeal spokesperson said in a statement.
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