Flipkart, Snapdeal Said to Duel Over $100 Million Valuation Gap
The logo of Flipkart Online Services Pvt is seen on the side of a package at the company's office in the Jayaprakash Narayan Nagar area of Bengaluru, India, on Wednesday, Oct. 26, 2016. Flipkart, India's largest and most valuable e-commerce company, is against domestic rival Snapdeal.com and U.S. leviathan Amazon.com Inc., all tussling for dominance in a market that Morgan Stanley expects to explode more than ten-fold to $137 billion by 2020 from $11 billion in 2013.
Photographer: Dhiraj Singh/BloombergAfter Snapdeal’s board rejected a takeover offer from Flipkart Online Services Pvt., the two sides find themselves about $100 million apart as negotiations continue, people familiar with the matter said.
Flipkart, India’s largest e-commerce operator, is unlikely to raise its offer above $900 million while Snapdeal is seeking a price of $1 billion, the people said, asking not to be identified talking about a private deal. Talks could drag on for weeks after Snapdeal rejected an offer of $850 million as too low, the people said.