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General

Nexus, Snapdeal, SoftBank agree on sale to Flipkart - report

Friday 12 May 2017 | 09:01 CET | News
Founders of Indian online marketplace Snapdeal and its investor Nexus have signed an agreement with SoftBank Group. Under the terms of the deal, SoftBank will proceed with its plan to sell Snapdeal to bigger rival Flipkart, writes Reuters, citing an ET Now report. According to unnamed sources, Nexus and Snapdeal founders have agreed to the terms of payment with SoftBank. Snapdeal founders would receive USD 15 million each and Nexus would get USD 50 million to USD 60 million.

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Categories: General
Companies: Softbank
Countries: India
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