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Snapdeal Asks For $900 Million From Flipkart For Acquisition

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Snapdeal Acquisition,Snapdeal Asks Flipkart For Acquisition,Latest Business News 2017,Startup Stories,Inspirational Stories,Startup Stories 2017,Startup News,Ecommerce Firm Snapdeal,Azim Premji,Ratan Tata,Snapdeal board

After rejecting Flipkart‘s initial offer, the board of Snapdeal has reportedly asked for a $ 900 million payout for the proposed acquisition. Reports suggest Flipkart has not yet responded to the offer.

The Economic Times reported a new offer will likely be made by early next week, according to sources privy to the development. This new offer is close to the initial offer of $1 billion made by Flipkart before conducting an eight week long due diligence.

A Letter of Intent (LoI,) was first signed by Flipkart and Snapdeal for a possible merger in May 2017. Since then, the acquisition deal has faced many roadblocks. The merger had to initially get special permission from FEMA and RBI for possible transfer of Flipkart stock. Later, Azim Premji the Chairman of Wipro and the head of Premji Invest, his own personal investment arm, also sent a letter to the board of Snapdeal objecting to the special payouts for the founders and two larger investors. The board of Snapdeal is yet to receive approval from Premji Invests, Ratan Tata and other smaller shareholders who together own 40% of the Snapdeal stock. 

Japan based SoftBank, Snapdeal’s largest investor has been the mediator for the deal for the past two months. Founders Kunal Bahl and Rohit Bansal along with representation from majority shareholders Nexus Venture Partners and Kalaari Capital, together form the Snapdeal board.

Apart from talks with Flipkart, Snapdeal is also engaged in separate discussions to sell their mobile wallet operations arm FreeCharge and the logistics arm Vulcan Express. Axis Bank and GATI, among others, have shown interest in acquiring FreeCharge and Vulcan respectively.

SoftBank, which initially valued Snapdeal at $ 6.5 billion in 2016, cut its valuation by 85% to $ 1 billion for this merger. Post which Flipkart made an all stock acquisition offer of $ 800 – $ 850 million which valued Snapdeal at $550 million. Snapdeal rejected this offer saying it undervalued the ecommerce company given that the due diligence report was clean.

This merger, if completed, would mark the biggest acquisition in the ecommerce industry which could give tough competition to the global ecommerce giant Amazon. SoftBank, Snapdeal and Flipkart have declined to comment about this latest development.

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Imarticus Learning Acquires MyCaptain for INR 50 Crore to Boost Non-Tech Upskilling

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My Captain

Imarticus Learning, an IPO-bound professional education firm, has acquired Bengaluru-based edtech platform MyCaptain for INR 50 crore in a cash-and-stock deal. This marks Imarticus’s fourth acquisition in four years and is aimed at expanding its presence in non-tech career training, especially across India’s Tier-II and Tier-III cities. MyCaptain, which has over 500,000 learners and a revenue of ₹27 crore for FY25, specializes in creative and entrepreneurial fields, with 60% of its users from smaller cities.

 

With this acquisition, Imarticus will bring MyCaptain’s employability bootcamps in digital marketing, design, and content to its 20+ classroom centers in 16 cities, blending online and offline learning. MyCaptain will operate as a fully-owned subsidiary, and all 250 of its employees will join Imarticus, expanding the combined workforce to over 850. The move supports Imarticus’s goal to reach five million learners by FY28 and deepen its offerings in non-tech domains.

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Ex-100X.VC Partners Launch 247VC, Announce INR 250 Crore Fund for Seed-Stage Startups

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Former 100X.VC partners Yagnesh Sanghrajka and Shashank Randev have launched a new venture capital firm, 247VC, unveiling a maiden fund with a target corpus of INR 250 crore (about $30 million). The SEBI-registered Category II AIF includes a base of INR 200 crore and a INR 50 crore greenshoe option, and is focused on backing 30 seed-stage startups across India over the next three years.

 

247VC will target high-potential founders in sectors like deeptech, enterprise tech, consumption, and Industry 5.0, with initial cheque sizes ranging from INR 3 crore to INR 4 crore and follow-on capital for top-performing companies. The fund has attracted prominent early backers, including Sachin Tagra (JSW Ventures), Vivek Mathur (ex-Elevation Capital), and Shailendra Majmundar (Johns Hopkins University).

Sanghrajka and Randev, who together have invested in over 200 startups previously, aim to support ambitious founders building for scale and innovation, especially in emerging and underexplored markets. The launch comes as seed-stage investing gains momentum in India, with average cheque sizes rising despite a cautious funding environment.

 

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Flam Secures $14M Series A to Revolutionize Mixed Reality Marketing with AI

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AI infrastructure startup Flam has raised $14 million in a Series A round led by RTP Global, with participation from Dovetail and existing investors, bringing its total funding to $22 million. Founded in 2021, Flam enables brands to create and deliver high-fidelity mixed reality (MR) and generative AI experiences without the need for app downloads, allowing consumers to access immersive content via QR codes or links in under 300 milliseconds.

Flam’s platform is already used by over 100 global brands-including Google, Samsung, and Netflix-reaching more than 380 million users. The new funding will accelerate product innovation, expand operations in North America, Europe, and Asia, and launch a full-stack enterprise suite for MR and GenAI-driven marketing. The company currently has over 120 employees and plans to grow to 180 by the end of 2025, aiming to transform every brand touchpoint into an interactive digital experience.

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