Softbank to invest $2 billion after Flipakrt-Snapdeal buyout fails

Snapdeal had announced yesterday that the buyout deal offered by rival Flipkart no more valid and they plan to go solo and run the business alone.

After the sudden back out from the deal, Softbank, a major investor in Jasper Technology which runs Snapdeal has decided to directly buy shares in Flipkart by investing around $2 Billion or INR 12,000 crore in the ecommerce firm.

This could be a setback for Snapdeal which decided to go solo on Monday and said they have enough cash after selling their assets. Snapdeal which sold Freecharge to Axis bank has now decided to sell of Vulcan or some part of the assets and tweak business model.

Snapdeal may also decide to layoff unnecessary departments which are not yet generating revenue for the company and may focus on core ecommerce function.


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