Nexus Says Yes to Let Snapdeal and Flipkart Jump Over the Last Hurdle
By Mehnaz : 12-May-2017
Nexus Venture Partners one of the first investors of Snapdeal has finally agreed with the SoftBank Group. The former will now allow the Japanese shareholder to move ahead with its plan, and sell Snapdeal to Flipkart its strongest competitor ever.
Both the owners of Snapdeal and Nexus have come to a mutual agreement regarding the terms of payments with SoftBank. The Founders of Nexus will reap a total of $50 to $60 million in its share, while the old school friends, Kunal Bahl and Rohit Bansal the Snapdeal co-founders will get $15 million each. As reported to the media on Thursday.
Meanwhile, the top Indian online megastore Flipkart has been expected to sign on the terms sheet to starts getting its cart ready for the due diligence of Snapdeal.