The development at Snapdeal comes days after the company’s key executives Rajiv Mangla and Anup Vikal have put in their papers
Anand Rai, the owner of GoJavas filed a complaint against Snapdeal founders Kunal Bahl and Rohit Bansal and Vulcan Express earlier this month with the Delhi Police's Economic Offences Wing.
A police complaint has been filed by Rai's company Quick Del Logistics (owner of GoJavas) against Snapdeal cofounders alleging criminal breach of trust, intellectual property theft and misappropriation of funds.
The CFO's exit comes days after private lender Axis Bank completed the acquisition of Snapdeal's payments arm Freecharge, while holding back an amount of around Rs 80 crore, due to a pending regulatory approval. Vikas was also involved in merger talks between Snapdeal and Freecharge.
The amount has been held back by Axis Bank in the Rs 373 crore deal with Snapdeal due to pending regulatory approval from RBI, sources told Moneycontrol
Snapdeal which till last year was the third largest player in the e-commerce market followed by Amazon and Flipkart has now come down the ladder with reduced order numbers
With rival Snapdeal, vacating the third place, Paytm Mall is planning to capture the third spot in India's e-commerce industry
This year’s Diwali sale is expected to offer huge discounts across e-commerce platforms Paytm, Flipkart and Amazon as all the three players are heavily stashed with billions of dollars.
This year’s Diwali sale is expected to offer huge discounts across Paytm, Flipkart and Amazon as all the three players are heavily stashed with billions of dollars. Smaller players are celebrating an early Diwali to avoid getting burnt out
This announcement comes at a time when most of the e-commerce firms including Amazon and Flipkart are gearing up for the Diwali season sales
This festive season, market should see a peak of almost about anything between 4.5 million shipments to about 5 million shipments, says Krishnan.
The notices were served to the e-commerce companies last week after their names surfaced during an investigation of seizure of wildlife related items in Indore, a state public relations department official has said.
"These are real people, not statistics," the anonymous letter claims. Snapdeal however says no decision has been made yet on laying off any staff.
SoftBank CEO Masayoshi Son today said he respected the decision of Snapdeal founders to call off merger talks with Flipkart and the Japanese firm is now pursuing separate discussions with the largest Indian e- tailer.
Experts say that new ‘independent path’ to be pursued by Snapdeal may be beneficial for the overall online commerce industry
After turning down Flipkart's USD 900-950 million offer earlier this week, the e-commerce firm has started working on its new roadmap which it calls 'Snapdeal 2.0'.
Snapdeal on Monday terminated talks for a sale to rival Flipkart stressing it would be pursuing an independent path in a strategy it calls as Snapdeal 2.0
"Ten years ago, I believed in Kunal and Rohit's vision to create a successful company in India and was excited to be their very first investor," he wrote in an email, a copy of which was seen by PTI.
The 2.0 version of the company is expected to trigger another round of mass exodus which could impact at least 600-800 employees...
Snapdeal yesterday terminated all talks for a distress sale to its arch rival Flipkart and announced that it wanted to pursue an independent path
On Monday, Gurgaon-headquartered e-commerce firm Snapdeal terminated all talks for a distress sale to its arch rival Flipkart.
SoftBank, already invested in Indian online grocer Grofers and cab hailing firm Ola, tried for months to engineer a share swap transaction between Snapdeal and Flipkart, India's two main homegrown e-commerce companies.
Snapdeal on Monday announced that it has terminated all talks for a distress sale to Flipkart and wants to pursue an independent path
Twitter users had a field day, tweeting witty one liners and tongue-in-cheek posts throughout the day
Recent media reports indicated that Infibeam, the only listed Indian e-commerce firm, is likely to have valued Snapdeal at USD 1 billion.