New Delhi, July 31 (PTI) E-commerce firm Snapdeal today terminated talks for a takeover by larger rival Flipkart, saying it will “pursue an independent path” to continue its operations.
The company was reported to be in talks for selling its business to Flipkart in a USD 900-950 million deal.
“Snapdeal has been exploring strategic options over the last several months. The company has now decided to pursue an independent path and is terminating all strategic discussions as a result,” Snapdeal spokesperson said in an emailed statement, without naming Flipkart.
The company said it has a “new and compelling direction – Snapdeal 2.0” and has made significant progress towards the ability to execute this by achieving a gross profit this month.
“In addition, with the sale of certain non-core assets, Snapdeal is expected to be financially self-sustainable,” it added.
The latest developments come within days of Snapdeal agreeing to sell its digital payment platform, FreeCharge, to Axis Bank for Rs 385 crore.