The board of Jasper Infotech that runs the e-commerce company, has apparently approved Flipkart’s bid of $900 million-$950 million last week. SoftBank, the largest investor in Snapdeal has been proactively mediating the deal for the past few months. Earlier this month, Snapdeal had rejected a $700-$750 million offer from Flipkart. The company had rejected the offer on the grounds that the amount was lower than its $1 billion valuations. Snapdeal had received Rs. 113 crores from Nexus Venture Partners earlier in May. Meanwhile, Flipkart acquired eBay India and also raised $1.4 billion funding in April. Flipkart managed to secure this investment taking its total valuation to $11.6 billion from the likes of Tencent, eBay, and Microsoft. Snapdeal, the Indian e-commerce company based out of New Delhi, was founded in February 2010. The company was started by Kunal Bahl and Rohit Bansal. Snapdeal has a number of investors including Alibaba Group, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock among others.
