The Grand Gadget Days will go on till midnight of July 26.
Flipkart's revised termsheet has a lot of 'hold backs' and 'clauses' that make an all-stock deal 'difficult' to consider for Snapdeal, sources told Moneycontrol.
"Customers are our most important stakeholder... We want to thank customers for being a part of our fabulous journey by giving them an inside track on Flipkart and showing them how we go about fulfilling their wishes," Flipkart CEO Kalyan Krishnamurthy said in a statement.
The homegrown e-commerce player plans to launch the grocery service shortly, Anil Goteti head of marketplace, Flipkart told reporters without giving any timeframe for the launch.
Reuters previously reported that Snapdeal had earlier this month rejected Flipkart's initial bid of between $800 million and $850 million, as its board was unsatisfied with the offer and the payment terms.
The offer is for Snapdeal and its marketplace management unit Unicommerce and not for the subsidiaries, Vulcan and Freecharge, sources said.
Paytm Mall, the e-commerce unit of mobile wallet firm Paytm recently raised USD 200 million from the Chinese firm and plans to hire 2000 more employees.
The legal trouble for Flipkart comes at a time when its bid to acquire Snapdeal has hit a roadblock. Snapdeal’s board last week rejected Flipkart’s initial buyout offer of USD 550 million
Snapdeal's board has already rejected a takeover offer of USD 800-850 million (around Rs 5,500 crore) from Flipkart as it felt the amount undervalued the company given that the due diligence report was clean.
Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details.
Online sellers claim they have been facing losses to the tune of 20-30 percent due to incorrect measurement of shipments by marketplaces.
Kotak said that it’s too early to write off the sector given medium-term positives like favorable demographics. However the year 2016 was not good for FDI inflows into the startup sector.
The request comes after Snapdeal rejected Flipkart's first proposal with a valuation of USD 550 million. Snapdeal's valuation could come down even more as time passes and cash reserves deplete, experts said.
Xiaomi Redmi Note 4 will be up for grabs in yet another flash sale on Flipkart and Mi.com at 12 pm on Wednesday.
Snapdeal is not keen for the deal and is mulling a Plan B, even as the talks remain continue and investors negotiate the valuation.
Snapdeal is in talks with larger rival Flipkart for a stake sale. The company has been undergoing financial and business due diligence for last few weeks
India's cyber security agency has yet to receive any reports of a latest ransomware attack hitting computers there, its boss told Reuters on Tuesday, after a Swiss government agency identified India as one of the main victims.
The temporary impact is expected owing to expected price hike of certain products, delisting of non-GST compliant sellers, reduced consumer demand and less supply of fresh inventory.
Across e-commerce, cloud services and entertainment, Amazon already has a broader ecosystem, and its Whole Foods play shows it is willing to audaciously go offline. That, as local rules change, is plausible in India too.
Allegations of a large investment gone bad at Snapdeal is likely to benefit the acquiring party as it may pull the valuation of the company further down.
Flipkart has kicked off its own ‘Own Your Dream Phone’ sale from today offering massive discounts across premium smartphones from Apple, Google, Samsung and Motorola
Snapdeal's largest investor, SoftBank has been proactively mediating the sale for the past few months.
Flipkart was reported to be looking to buy Snapdeal for a much lower valuation of USD 400, than USD 1 billion that has so far been touted.
Private labelled products allow e-commerce firms to earn much larger margins compared to the commissions earned through sellers that sell similar products.