India’s home grown eCommerce major Flipkart is said to have raised its bid to take over Snapdeal from about USD800 million to USD950 million.
According to people familiar with the matter as quoted by Reuters, the buyout plan could have failed as a result of the low amount proposed by Flipkart. The company has over the past few months intensified its aim to take over its biggest rival in the India sub continent.
It would be recalled that back in April that after announcing its plan to acquire Snapdeal, Flipkart raised USD1.4 billion.
The funding round was bankrolled by eBay, Microsoft, and Tencent of China.
There is, however, resistance from investors of Snapdeal who might stand against the sell off a company to its bigger competitor that is far healthy than it is.
Neither Flipkart nor its investors have commented on the matter.