"Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 cr, subject to shareholders’ approval."
E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.
Last year Snapdeal’s CFO Anup Vikal had resigned after the company called off its merger talks with Flipkart.
Said to be in talks with the founders to sell the stake, once valued at Rs 3,000 crore, at Rs 40-50 crore now.
The government is could soon put a clamp on the number of counterfeit products sold through online marketplaces.
The short term effects on mind (alertness, better sleep, engagement, attentiveness) and body (weight reduction, energy, stamina) is quite incredible, says Kunal Bahl...
Investors and startups say that the Finance Minister should provide more clarity on angel tax, exit clauses, GST and cryptocurrencies outside the Budget.
Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients.
The deal also signifies an increasing attempt by Flipkart to maintain an edge over rival Paytm which is also expanding its online marketplace - Paytm Mall.
The deal is expected to close in the next few weeks and may include the transfer of Vulcan's workforce to the Future Group as part of the deal, one of the sources said.
Kalra's exit comes at a time when Snapdeal is trying to get back on its feet in the market after facing a turbulent year.
The step is expected to check the practice of e-tailers inflating prices and offering fake discounts on products.
2017 was also a year that opened a pandora of sexual harassment cases across startups that ranged from Scoopwhoop and TVF to Uber and 500Startups
As more Indians are expected to shift their daily shopping to the online world, stringent laws will ensure their trust in e-commerce.
Shopclues expects an exciting year ahead as it plans to launch smartphones. Cofounder Radhika Agarwal spells out the company's strategy for 2017.
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