Snapdeal decides not to merge with rival Flipkart
Snapdeal, which is based in Gurgaon, said they want to pursue an "independent path".
A snapdeal spokesperson was quoted by The Times of India, saying: "Snapdeal has been exploring strategic options over the last several months. The company has now decided to pursue an independent path and is terminating all strategic discussions as a result."
The company said they would look to be self sustainable by selling some of their shares like Axis Bank has decided to buy the mobile payment wallet FreeCharge for Rs 385 crore.
"Snapdeal's vision has always been to create life-changing experiences for millions of buyers and sellers across India. We have a new and compelling direction - Snapdeal 2.0 - that uniquely furthers this vision, and have made significant progress towards the ability to execute this by achieving a gross profit this month" the company said in a statement.
Image: Creative Commons.
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