The e-commerce platform, backed by investors including SoftBank, Intel and Alibaba, has decided against a $950m sale and elected to instead restructure.

Snapdeal an India-based e-commerce company backed by several corporates, has rejected a takeover offer from domestic competitor Flipkart in order to restructure its business.

Flipkart had reportedly bid between $900m and $950m for the company, which counts telecommunications group SoftBank, media company Bennett, Coleman & Co (BCC), chipmaker Intel, e-commerce firms eBay and Alibaba, contract manufacturer Foxconn, and mobile software provider Myriad as investors.

Founded in 2010, Snapdeal runs a diversified online marketplace for consumer goods and was valued…