SoftBank, which holds 33% of Snapdeal, has reportedly rescinded an agreement to provide up to $200m in debt and is said to be negotiating a merger with its rival, Flipkart.
Internet and telecom firm SoftBank has withdrawn an amount of debt financing sized between $150m and $200m to India-based e-commerce platform and portfolio company Snapdeal, the Economic Times reported yesterday.
Snapdeal runs a diversified online retail portal that lists more than 35 million products across more than 800 categories.
The company has raised about $1.7bn in funding from backers also including media group Bennett Coleman & Co, e-commerce firms Alibaba and eBay, manufacturing services provider Foxconn, mobile software producer Myriad…
