Snapdeal won't sell to Flipkart, to run on its own wiki

Snapdeal, run by Jasper Infotech Pvt. Ltd, has walked missing from talks to sell itself to Flipkart and the struggling online marketplace will now try and survive as an independent entity by advertising assets and hurtful costs.

The decision to end debate 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 on oath enemy Flipkart from the start. Bahl and Bansal have won the bitter boardroom battle against Snapdeal’s largest investor SoftBank Group Corp, which was approaching 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 persuasive direction - Snapdeal 2.0 - that uniquely furthers this vision, and have made significant progress towards the ability to execute this by achieve a gross profit this month. In addition, with the sale of certain non-core assets, Snapdeal is expected to be monetarily self-sustainable,” a Snapdeal representative said in a declaration.

A SoftBank speaker said the company would “look forward” to the results of Snapdeal’s new plan.

“Supporting entrepreneurs and their vision and aspiration is at the heart of Masayoshi Son’s and SoftBank’s investment viewpoint. As such, we respect the decision to pursue an sovereign strategy. We look forward to the results of the Snapdeal 2.0 strategy, and to remaining invested in the vibrant Indian e-commerce space,” the spokesperson said in a report.

Mintreported on Monday that the proposed Snapdeal sale to Flipkart can be called off as the founders and shareholders of the harassed online marketplace have not yet agreed on the terms of the deal.

Last week, it seem like the on-again-off-again Flipkart-Snapdeal merger would finally be completed. On 26 July, the board of online marketplace Snapdeal gave the go-ahead to the friendship to continue consultation to sell itself to Flipkart, which had increased its buyout offer to $850 million two weeks ago. But over the weekend, Snapdeal and Flipkart cancelled a key summit that was scheduled for Monday to continue dialogue over the deal.