Flipkart did not acquire Snapdeal. On July 31, 2017, Snapdeal said it was ending strategic discussions with Flipkart and would pursue an independent path. Reuters reported that Flipkart’s revised proposal was worth up to $950 million, but the transaction had not closed and shareholder approval was still outstanding.
What happened to the Flipkart–Snapdeal deal?
Snapdeal’s operating company, Jasper Infotech, had agreed in principle to Flipkart’s revised bid, according to Reuters. But the proposal still needed approval from smaller shareholders. Snapdeal announced on July 31, 2017, that it was terminating strategic discussions and pursuing an independent path.
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That distinction matters: this was an unfinished transaction, not a completed acquisition that the founders reversed. The board’s in-principle agreement did not settle the outstanding approvals or other reported execution issues.
How much did Flipkart offer?
Reuters reported that the revised proposal was valued at up to $950 million. Earlier in July, The Economic Times reported that Jasper Infotech’s board had rejected an initial offer estimated at $800–900 million. These are reported values for two proposals, not a confirmed sale price: no acquisition closed.
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Why did the talks end?
Snapdeal’s public explanation was that it had chosen an independent direction. In its statement, quoted by Reuters, the company said: “The company has now decided to pursue an independent path and is terminating all strategic discussions as a result.” It called that strategy “Snapdeal 2.0.”
Approval and investor concerns
Reuters reported, citing people familiar with the talks, that the deal faced demands for approval from all Snapdeal shareholders and reservations among some investors. Smaller-shareholder approval remained outstanding even after the board agreed in principle to the revised bid. The reports do not establish one single investor or approval issue as the sole reason talks failed.
Complex terms and execution
Reuters also reported hurdles involving non-compete commitments and described the transaction as difficult to execute. Snapdeal co-founder Kunal Bahl wrote to employees that “The deal being contemplated was incredibly complex to execute.” These accounts help explain the friction, but some details came from unnamed sources and should not be treated as a definitive account of every party’s position.
The founders did not act alone
It is common to describe the outcome as the founders rejecting Flipkart, but that shorthand leaves out the board’s in-principle agreement and the unresolved shareholder and investor factors. The public record supports saying that Snapdeal and its leadership chose to end discussions and pursue independence amid a complicated, unfinished transaction—not that the founders alone killed a completed deal.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteWhat was Snapdeal’s independent plan?
Snapdeal presented “Snapdeal 2.0” as a more financially sustainable independent strategy. The company said it had achieved gross profit that month and had made progress toward executing the plan; those were company claims reported by contemporaneous coverage, not independently audited results established here.
The approach also involved selling non-core assets. Reuters reported that Snapdeal sold its digital payments subsidiary FreeCharge to Axis Bank for $60 million during the same period. The sale was part of the company’s reported effort to simplify operations and move toward financial sustainability.
What the episode does—and does not—show
The decision was a choice between pursuing a combination with Flipkart and attempting a smaller independent marketplace strategy. The contemporary reports establish that the sale talks ended, the revised bid was reported at up to $950 million, and Snapdeal publicly committed to independence. They do not verify whether the Snapdeal 2.0 strategy later met its stated goals or establish either company’s present-day status.
Quick Recap
- Flipkart did not buy Snapdeal in this episode; negotiations ended before closing.
- The revised bid was reported at up to $950 million, following an earlier rejected offer estimated at $800–900 million.
- Snapdeal publicly framed its decision as a move toward independence, while reports described remaining approval, investor, and execution complications.
Sources
- Reuters via Business Standard, “Snapdeal ends talks for sale to Flipkart,” July 31, 2017.
- Reuters via Business Standard, “Snapdeal calls off sale to Flipkart in setback for SoftBank,” July 31, 2017.
- Hindustan Times / PTI, “Snapdeal terminates merger talks with Flipkart, will take an ‘independent’ path,” July 31, 2017.
- TechCrunch, “Flipkart’s on-off-on-off-on-off deal to acquire Snapdeal is now officially dead,” July 31, 2017.
- The Economic Times, “Snapdeal board rejects $800-$900 million buyout offer from Flipkart,” July 5, 2017.
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