Flipkart-Snapdeal pact yet to get nod from Ratan Tata, Premji

While Flipkart Online Services is all set to take over Snapdeal after winning approval from the startup’s three primary venture investors, the contract still needs backing from Azim Premji and Ratan Tata, Indian’s most powerful businessmen and investors of Snapdeal, people familiar with the matter told Bloomberg. SoftBank Group Corp., the largest shareholder in Snapdeal, has pushed for the deal and persuaded Nexus Venture Partners to agree to terms, according to the sources. Kalaari Capital and the founders had earlier agreed to the merger, which calls for Snapdeal’s valuation to be reduced to about $1 billion from its previous $6.5 billion. The parties have reached a non-binding preliminary agreement that requires due diligence to be completed in a few weeks.

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