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Flipkart: Snapdeal Shareholders Liable For Any Wrongdoing In The Firm

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Indian ecommerce giant Flipkart‘s new termsheet for the acquisition of rival ecommerce firm Snapdeal holds Snapdeals investors liable for any wrongdoing in the firm. Moneycontrol reported the Snapdeal board has decided, due to inside resistance, to let all the 2 dozen stakeholders take a final call on whether to accept Flipkart’s offer.

According to sources close to the deal, the revised termsheet contains various clauses and holdbacks which imposes legal liability on the board members and values the company at around $ 80 million. According to this clause, the stakeholders will remain liable to whatever happens to Snapdeal for at least 18 to 24 months, post the merger.

The company board has decided to let all the stakeholders take a call on the acquisition following resistance from the Cofounders of Snapdeal Kunal Bahl and Rohit Bansal. An other clause in the revised termsheet also says that Flipkart will hold back about $ 150 – $ 200 million of the proposed payment, till after the merged entity is convinced there is no trouble brewing due to the merger.

Premji Invest, Foxonn, Tencent, Blackrock and Ontario Teacher’s Pension Fund are some of Snapdeal’s 25 to 28 stakeholders who will make the final decision. Moneycontrol quoted one of their sources saying, “ The discussion to allow all the stakeholders to have a say on the issue had been going on since the last few days. It came to light after the minority stakeholders started questioning the payouts promised to the majority stakeholders.”

In the past month, the private investment arm of the Wipro Chairman, Azim Premji, Premji Invests objected to the special payouts to select stakeholders including the two Snapdeal founders. The cofounders have also been pushing for alternative paths and were reportedly in talks with Infibeam for a potential acquisition. They have also been conducting one on one meetings with senior executives including heads of multiple business units hinting their reluctance to go ahead with a deal with Flipkart.

This is the second revised termsheet for the all stock acquisition sent by Flipkart. The first offer, which valued Snapdeal at $ 550 million, was rejected by Snapdeal board. The second offer for $ 850 million was sent last week.

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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