The two big heads of Indian eCommerce born and brought up in Indian Soil, finally joining hands to be one. In a Span of 3 months, more than 15 meetings and a payout of atleast $210 million later, The Japanese telecom and internet giant SoftBank to merge Snapdeal(not Snapchat) with Flipkart.
Snapdeal was valued at USD 6.5 billion last year, but the potential deal could see Snapdeal to be valued at US $1 billion, sources suggest.
Softbank the largest shareholder of Snapdeal was in plans to sell the company but NVP one of the early shareholders of Snapchat wasnt in agreement with the Softbank but NVP finally said yes to the deal, and would get $80-$100 Million as an exit fund.
Sources said Snapdeal founders Kunal Bhal and Rohit Bansal each would get about US$25 million each and Kalaari would get about US$70-80 million. The term sheet with flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
Some sources say the Deal would be happening in next 72 hours, and that could make way for the Flipkart's Big 10 Sale from 14th-10th May. more importantly the deal could make flipkart the largest Indian eCommerce.

source: Economic Times
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