The transaction is expected to be a 100 percent purchase of Shopclues
The company, however, said it has no plans to introduce private labels as it would go against the interest of the registered sellers on the platform.
The company, which competes with larger rivals like Amazon and Walmart-owned Flipkart, said its 'Snapdeal 2.0 strategy' (launched in August 2017) has helped driving 3X growth in business volumes, while reducing costs by 90 per cent.
According to sources, Snapdeal has initiated preliminary discussions with Shopclues to evaluate a potential strategic alliance.
Kunal Bahl, the plucky co-founder and CEO of Snapdeal, is back on deal street.
The official said most of the sellers on Snapdeal are from the brick and mortar market and they are the ones who are going online.
The budget announcements come a day after the government refused to extend the deadline for the implementation of the revised foreign direct investment in e-commerce guidelines.
The position taken by these players is in contrast to that of giants like Amazon and Walmart-backed Flipkart who have sought an extension, stating that they need more time to understand the details of the framework.
The fair trade regulator dismissed the complaint by Jasper Infotech Pvt Ltd, which owns and operates e-commerce platform Snapdeal, as the "conduct of KAFF did not demonstrate any adverse effect on the competition".
The drug cannot be sold over the counter in violation of drugs and cosmetics norms," Karnataka Drugs Controller Amaresh Tumbagi told PTI here Wednesday. Prosecution proceedings also have been initiated against a proprietor and a staffer of Herbal Health Care company based in Ludhiana for same violations, he said.
It claimed that offenders have been siphoning off money from unsuspecting general public by illegally using the website's trademark and that it has no involvement or association with any such schemes.
As an introductory offer, users will receive 15 percent cashback upto Rs 100 on their first transaction.
The company had posted a consolidated loss of Rs 4,647.1 crore in FY2016-17, documents filed with the Corporate Affairs Ministry showed.
The report also noted that 35 per cent of the consumers believed that perfumes, fragrances and other cosmetics are the most counterfeited items sold on these websites.
The average order size daily would be 3.5-3.8 million throughout the 45 day sale period that began this week
Sources told Moneycontrol that the government will likely extend the first month’s return filing date to ease online marketplaces’ transition to the new system that kicks in from Oct 1
Sources in the finance ministry told Moneycontrol that the government will come up with FAQs on Monday clarifying rules on the 1 percent tax collected at source (TCS) for online marketplaces that will kick in from Oct 1
While an initial public offering would be a distant option for Snapdeal right now, the company told Moneycontrol in an email response that "the new structure is optimised to enable pursuit of long term value creation for all shareholders"
Flipkart will be hoping that the newest vertical under its umbrella will help bolster its status as the preferred destination for smartphones, both new and refurbished.
Absence of any detailed guidelines have left many companies anxious as they are still not clear about what constitutes profiteering
The idea is to promote the sale of domestically produced goods through online platforms by allowing limited inventory in B2C online retail firms such as Flipkart, Snapdeal and Paytm Mall
"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.