E-commerce firm Infibeam has reportedly bid $700m for corporate-backed Snapdeal, which looked likely to be bought by Flipkart, in a deal that would allow its founders to stay.
The proposed acquisition of India-based, corporate-backed online marketplace Snapdeal by its chief competitor Flipkart has run into a roadblock due to Snapdeal’s founders favouring a rival offer by e-commerce firm Infibeam, LiveMint reported today.
Founded in 2010, Snapdeal has built an e-commerce platform that features more than 60 million products on offer, spanning a wide range of consumer items.
The company has raised more than $1.7bn from investors including telecom group SoftBank, e-commerce firms eBay and Alibaba, manufacturing services provider…
