Indian Snapdeal’s board has agreed to a US$950 million bid from larger rival Flipkart, according to two sources.
Reuters reports that two of its sources revealed that the board of Jasper Infotech had approved Flipkart’s bid, but that two other sources have reported that there are still hurdles remaining that the deal will need to clear.
The Indian e-commerce has experienced a huge amount of growth in recent years, helped in large part by war for supremacy between US Amazon and Indian Flipkart. This acquisition would help Flipkart to eliminate one rival while increasing its own market share.
Full Content: Reuters
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