Snapdeal Cuts Flipkart deal

Mumbai, Aug 1: A deal was called off recently. Snapdeal has cancelled its merger plans with Flipkart. Earlier last week the Board has accepted the rivals offer but the company has taken u turn within a week. The decision marks an end to five months of negotiations.

The E- Commerce Company has said that we want to be independent and currently we have rejected the rivals offer. Currently, the company is in losses and its investor Soft Bank has pressurized the owners to merge the company but the shareholders have refused.

However, the company plans a strategic revival of the company.recently the company has sold its digital payment platform Freecharge which it had acquired in 2015 by Axis Bank. Let's hope that new plans work so that the company earns a profit in upcoming years.