Top Section
Explore Business Standard
Don’t miss the latest developments in business and finance.
SoftBank needs a final, crucial, aye from Nexus Venture Partners, an early investor in online marketplace Snapdeal, to deal on the proposed merger of the latter into larger rival Flipkart. However, with the most to lose from the acquisition, the venture capital (VC) entity is trying for a hard bargain. SoftBank, the Japanese investment firm which has majority stake in Snapdeal, is looking to close the deal this week, sources said.Softbank began the conversation last month, to urge a merger of Snapdeal into Flipkart. Since then, it has engaged NVP and Kalaari Capital, early investors in Snapdeal, to agree on terms for a fire sale of the Delhi-based e-commerce platform, in return for a stake in Flipkart. Both VC entities had wanted SoftBank to give a higher valuation, by including Snapdeal units Vulcan Express and Unicommerce in this.Kalaari reportedly finally came on board last week to SoftBank's terms but NVP is still to do so; it wants the best deal possible on its $12 million ...