Online retailer company Snapdeal will soon be part of Flipkart. For this, Softbank has given its green signal to the deal by Nexus Ventures Partner (NVP), the second largest company to invest in Snapdeal.
Softbank said that both the investor companies agreed that it was sold to Snapdeal. Both companies will sign their contract with Flipkart on the term sheet within this week, after which the acquisition process will begin.
Snapdeal founder get $ 2.5 million
According to the deal, every founder of Snapdeal will get $ 2.5 million, while Nexus 10 million and the Calarie are expected to get $ 7 million. According to Snapdeal’s evaluation in February 2016, the company’s total valuation was pegged at $ 650 million. Now its valuation is about $ 100 million.
Earlier, Softbank had said that he had lost $ 100 million in Snapdeal’s investment in the last financial year. Now Softbank has a 30 per cent stake in the company. At the same time, Nexus 10 percent and the clerk have 8% stake.
