Calm Down! Snapdeal Says Not in Sale Talks with Paytm & Flipkart

The online marketplace has denied stories of them looking for buyers in India.

On Wednesday, Livemint reported that Snapdeal is in talks about a potential sale with Paytm and Flipkart. The report highlights the influence that Alibaba and Softbank could have in getting this deal through.

Snapdeal has been quick to respond to the rumours, and has stated that they are looking to grow the business further in the near future.

The online marketplace has been quoted in a Reuters report, which says:

Snapdeal categorically denies having had any such discussion. The information is incorrect and without basis. We are making decisive progress in our journey towards profitability, and all our efforts are aligned in this direction.

Snapdeal to Reuters

Industry experts in the recent past have been vocal about the possibility of Snapdeal looking for buyers, and those speculations gained momentum when a firing spree was mooted to take place in the company earlier this year.

Also Read: Snapdeal to Lay off 600 People Over Next Few Days

While it is understandable that Snapdeal wouldn’t comment on internal matters, Livemint sources say the price being offered for Snapdeal is anywhere between $1.5 to $1.8 billion.

If the deal (either with Paytm or Snapdeal) goes through, then the Indian e-commerce industry will see a telecom-like consolidation, with the presence of 2 or 3 major brands shaping the segment in the long run.

(Source: Livemint, Reuters)