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<keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>’s board <keyword id="6481662" type="COMPANY" weightage="20" keywordseo="Jasper-Infotech">Jasper Infotech</keyword> has agreed to sell <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">FreeCharge</keyword> to <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword>, ending its hunt of two years. However, Jasper Infotech has agreed to a deal of Rs 385 crore-Rs 390 crore, which is a steep markdown as it bought FreeCharge for Rs 2,400 crore in 2015. People aware of the ongoing developments within Jasper Infotech told ET, the board of the Delhi-based company is also expected to approve the sale of its troubled online marketplace Snapdeal, to rival <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, over the course of the next 2-3 days. Flipkart made a revised offer of $950 million to Snapdeal. Snapdeal founders <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> have been arguing that they are prepared to run and operate, what has been described as a stripped-down version of the company, sources told ET. Meanwhile, FreeCharge’s sale will come as a breather for Snapdeal as it requires capital at the moment. The company is estimated to have recorded Rs 300 crore in transaction revenue on about 12 million transactions in April.

Snapdeal is selling FreeCharge to Axis Bank at a huge markdown price

A Chief Metropolitan Magistrate in Bengaluru has summoned <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a> over non-payment of dues of the <keyword id="46098" type="UNKNOWN" weightage="20" keywordseo="Bangalore-Fashion-week">Bangalore Fashion Week</keyword>. 
 The court has summoned <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>’s owner, <a href="http://www.businessinsider.in/searchresult.cms?query=jasper&amp;sortorder=effectivedate">Jasper Infotech</a>, co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=kunal+bahl&amp;sortorder=effectivedate">Kunal Bahl </a>and nine other executives. A case has been filed by <keyword id="1996024" type="PERSON" weightage="20" keywordseo="Dream-merchants">Dream Merchants</keyword>, the events company which organises Bangalore Fashion Week bi-annually. 
 
As per the complaint, Snapdeal signed up a three-year contract as a 'powered by' sponsor for six editions of the Bangalore Fashion Week but the company, Dream Merchants, did not receive the promised sponsorship of Rs 25 lakh in January 2016. The event management company approached the court due to non-payment of dues in March 2016. 
 
Furthermore, the company claimed Snapdeal backed out of the Bangalore Fashion Week 15 days before the event in violation of the contract. 
 Founder of Dream Merchants, <keyword id="6367598" type="PERSON" weightage="20" keywordseo="Feroz-Khan">Feroz Khan</keyword>, alleged Snapdeal has to pay Rs 75 lakh. 
 
"While there was a 60-day exit clause, they violated the contract by backing out 15 days before the event (scheduled to take place in February 2015).No reason was provided. Despite no funding, we went ahead with our event incorporating their logos.Snapdeal did not honour the invoice or notices sent later. They kept passing the buck. Amit Maheshwari, the then vice-president of marketing (fashion vertical) at Snapdeal, who had initiated the collaboration, refused to pick up our calls. We want compensation for the losses borne," Khan told ET. He added that Snapdeal had also committed to upgrade to title-sponsor for the July 2016 edition of the event for an amount of Rs 75 lakh. 
 
The clause of the contract signed by Snapdeal also forbade the event organisers from working with competitors of the marketplace for the duration of the contract. 
 
Snapdeal said that it has not received any summon from the court yet, a copy of which was reviewed by ET. The platform has been asked to respond to the summons by May 27, 2017. 
 
"The company will take appropriate legal recourse in the matter," said a Snapdeal spokesperson in response to a detailed query sent by ET.

All is not well; Snapdeal’s Kunal Bahl, other executives summoned over non-payment of dues

Nothing seems to be going well between the board members of <keyword id="6481662" type="COMPANY" weightage="20" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, which owns <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a>. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=kalaari+capital&amp;sortorder=effectivedate">Kalaari Capital</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=nexus+venture+partners&amp;sortorder=effectivedate">Nexus Venture Partners</a> are at loggerheads with Japanese investor <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate">SoftBank</a>, which has now cancelled a $150-200 million debt financing offer to <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>. 
 As per various reports, <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> is now interested in either merger or sell out of Snapdeal without any involvement of the other investors. ET reported SoftBank has been talking to several people for the deal without keeping <keyword id="1397792" type="UNKNOWN" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword> and <keyword id="175881" type="COMPANY" weightage="20" keywordseo="Nexus-Venture-Partners">Nexus Venture Partners</keyword> in loop. 
 
"Both Kalaari Capital and Nexus Venture Partners are livid at the developments, and have questioned SoftBank about its intention with regard to Snapdeal,” ET quoted one of its sources as saying. 
 
"There was a term-sheet offering Snapdeal debt financing for a period of three years, which was, inexplicably, withdrawn within days, giving credence that Soft-Bank has made up its mind about selling the company,” a second person told ET. 
 SoftBank has seats at the table, while Kalaari and Nexus have one each on Jasper’s board that includes cofounders <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword>, and Bharti Enterprises vice-chairman Akhil Gupta as an independent director. 
 
Apparently, the differences within the board are not new. In December, SoftBank had offered a direct $50-million monthly injection in Snapdeal, contingent on a potential merger or sale of the company. Kalaari and Nexus Venture Partners disagreed with the terms. 
 
SoftBank's stake in Jasper stood at about 33% while Kalaari Capital and Nexus Venture Partners owned about 8% and 10%, respectively. Both the founders, combined, owned about 6.5% of the company, which at its peak early last year was valued at about $6.5 billion. 
 
As per Reuters, SoftBank has reached out to <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart </a>to sell Snapdeal.

Snapdeal’s investors cross swords; SoftBank cancels $150-200 million debt financing

<keyword id="6481662" type="COMPANY" weightage="100" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, the owner of <keyword id="1705292" type="UNKNOWN" weightage="100" keywordseo="Indian-e-commerce">Indian e-commerce</keyword> giant <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">SnapDeal</keyword>, is closer to cutting a deal with Japan's <a href="http://www.businessinsider.in/softbank-may-pick-up-minority-stake-in-vodafone-india-heres-the-latest-development/articleshow/57306703.cms">SoftBank Corp</a>, its largest shareholder. The deal would be a lifeline to the <a href="http://www.businessinsider.in/snapdeal-has-started-down-sizing-600-employees-have-already-been-fired/articleshow/57343065.cms">struggling</a> Jasper, but could drag its valuation to under $3 billion, down by half. 
 <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> is looking forward to an investment of $100-150 million in Jasper, which would be done in parts, three people in the know told ET, while as per another source, the overall investment could be as high as $300 million. 
 
Also read: <a href="http://www.businessinsider.in/nirmalasitharaman-to-investigate-snapdeals-payment-defaults/articleshow/57429327.cms">Nirmala Sitharaman to investigate Snapdeal’s payment defaults</a> 
 
If the transaction takes place, SnapDeal would become the latest top-tier Indian Internet company to cut down its valuation, after cab aggregator Ola and <a href="http://www.businessinsider.in/HSBC-halves-Zomatos-1-billion-valuation/articleshow/52185955.cms">Zomato</a>. 
 
In its last funding round led by Canada's Ontario Teachers' Pension Plan in February 2016, Jasper was valued at $6.5 billion. However, in late 2014 to early 2015, it was valued below $3 billion because of stake sales by shareholders to other investors. 
 
However, industry analysts are of the view that a company raising capital at lower valuations does not necessarily indicate bad times. 
 
"Regardless of valuation, the fact that money is available is a good sign," said Harish HV, partner, India Leadership team, <a href="http://www.businessinsider.in/25-companies-where-interviewing-is-a-treat-not-a-chore/2-grant-thornton/slideshow/55254138.cms">Grant Thornton India</a>. "It means investors, whether new or existing, haven't yet given up on the company and that there is meat left. It's a sign of bullishness." 
 
As per reports, this fresh funding would come with stricter rules regarding financial control. 
 
"Earlier cheques were written after SnapDeal submitted annual operating plans. Now Soft-Bank will ask for SnapDeal's monthly budgets, approve them, and then remit the funds," said one of the aforementioned sources. 
 
In the recent past, SnapDeal, India’s third largest online marketplace after Flipkart and Amazon India, has seen little growth and has been marred by losses, and tremors in upper management. 
 
Also read: <a href="http://www.businessinsider.in/snapdeal-founders-admit-to-wrong-moves-take-100-salary-cut/articleshow/57308448.cms">Snapdeal founders admit to 'wrong moves', take 100% salary cut</a> 
 
(Image source: SatyaVijayi)

SoftBank’s latest investment in Jasper Infotech might bring its valuation down to half

<keyword id="6481662" type="COMPANY" weightage="100" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, the company behind online marketplace <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, is soon going to in invest in <keyword id="2892247" type="UNKNOWN" weightage="100" keywordseo="Zimmber">Zimmber</keyword>, the on-demand home services platform. 
 
As per reports, The New Delhi based company is expected to invest somewhere between Rs 40 to 50 crore in Rejuvenate Solutions, the Mumbai-based company that runs Zimmber. This figure is for 10% of Zimmber’s stake. 
 
After leading a $36 million (about Rs 240 crore) funding round in hyper-local delivery service PepperTap in September last year, this is Jasper's second investment in the on-demand services space. This again proves that Jasper is increasingly focusing on this fast-growing segment. 
 
However, this move can also be taken as an inspiration from rival firm Amazon, as it’s just been two months that Amazon led a Rs 150-crore funding round in home services startup Housejoy. 
 
"Zimmber is an attractive investment opportunity and we are in active discussion with multiple investors," Anubhab Goel, cofounder and chief executive officer of Zimmber, told ET while declining to comment further. 
 
Snapdeal is presently valued at about $5 billion, after raising $500 million from Foxconn, Alibaba Group and SoftBank in August last year and buying digital payments platform FreeCharge for $400-450 million in April last year. This was the largest buyout done in the Indian consumer internet sector. 
 
<a href="http://www.medianama.com/wp-content/uploads/Snapdeal1.jpg">Image source</a>

Snapdeal’s promoter Jasper Infotech eyes on-demand home services platform

It’s acquisition time for Indian ecommerce companies. More the ecommerce in India are gaining foothold, the key players in the sector are pulling up newbies under the fold. <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, which has acquired <keyword id="2871211" type="UNKNOWN" weightage="20" keywordseo="Mobi-Kwik">Mobi Kwik</keyword>, an online payment platform recently has hit the headlines once more. This time, it’s Snapdeal’s parent company <keyword id="6481662" type="COMPANY" weightage="20" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, which has acquired mobile commerce startup <keyword id="2868543" type="UNKNOWN" weightage="20" keywordseo="MartMobi">Martmobi</keyword>, its 10th buyout, for an undisclosed sum. 
 
As per a news report in The Economic Times, Hyderabad-based Martmobi's mobile-specific platform and solutions allow small and medium-sized businesses and brands to build mobile stores and apps that can connect with customers' existing back-end systems. The company, formed in 2008, also provides real-time analytics to improve conversions and user engagement. 
 
"They've done a great job in solving merchant problems when it comes to mobile internet. We have already done a lot of work in that area, and we expect this acquisition to take us to the next level," Rohit Bansal, co-founder and chief operating officer of Snapdeal told the ET. 
 
Snapdeal, which has 40 million users, sees about 75% of its total sales through mobile phones, according to the company. 
 
The company has been actively scouting for acquisitions in the broader mobile and data analytics segment, and since the start of 2015 it has already announced four buyouts, including the $450 million (about Rs 2,880 crore) cash-and-stock acquisition of mobile recharge and payments venture Freecharge in April. 
 "It is all about getting to the market early with the technology. While <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has access to its global tech pool, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal will continue to acquire mobile tech firms," Ratul Ghosh, former <keyword id="373910" type="POSITION" weightage="20" keywordseo="head-of-strategy">head of strategy</keyword> at <keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> and former <keyword id="2871210" type="UNKNOWN" weightage="20" keywordseo="chair-of-e-commerce-committee">chair of e-commerce committee</keyword> told the financial daily. 
 In an exclusive chat with the ET last month, Snapdeal <keyword id="24211" type="POSITION" weightage="20" keywordseo="chief-executive">Chief Executive</keyword> <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> said that the company was aiming to make about 10 more acquisitions in the current fiscal. While the company did not disclose the size of its war chest, its recent purchases have been fuelled by the nearly $1 billion (about Rs 6,400 crore) it raised last year. 
 The company, which is in the midst of an attritional war with rival online marketplaces Flipkart and Amazon, is backed by a host of marquee strategic and financial investors, including <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword>'s <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, BlackRock, eBay and PremjiInvest, the personal investment arm of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> <keyword id="6364480" type="POSITION" weightage="20" keywordseo="Chairman">chairman</keyword> <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>.

Snapdeal is shopping with a vengeance. And this time it’s mobile start-up Martmobi

The <keyword id="139820" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission">Competition Commission</keyword> has rejected allegations of unfair business practices against five online retail majors -- Flipkart, Snapdeal, Amazon, Jabong and Myntra -- as it did not find any prima facie evidence of violations. 
 The complaints were filed against <keyword id="1990166" type="UNKNOWN" weightage="80" keywordseo="Flipkart-India-Pvt-Ltd">Flipkart India Pvt Ltd</keyword>, <keyword id="2810347" type="COMPANY" weightage="80" keywordseo="Jasper-Infotech-Pvt-Ltd">Jasper Infotech Pvt Ltd</keyword>, <keyword id="2837603" type="UNKNOWN" weightage="80" keywordseo="Xerion-Retail-Pvt-Ltd">Xerion Retail Pvt Ltd</keyword>, <keyword id="2837662" type="UNKNOWN" weightage="80" keywordseo="Amazon-Seller-Services-Pvt-Ltd">Amazon Seller Services Pvt Ltd</keyword> and Vector E-commerce Pvt Ltd. 
After looking into the matter for the past few months, the fair trade watchdog has ruled that these entities did not violate competition norms by indulging in cartelisation or by abusing their dominant position. 
 
Jasper runs Snapdeal.com, Xerion owns Jabong.com, while Vector is the company behind Myntra.com. 
"... the Commission is of the prima facie view that no case of contravention of the provisions of either section 3 or section 4 of the Act is made out against the opposite parties," it said in a 10-page order. 
 
It was alleged that e-commerce websites and product sellers entered into exclusive agreements to sell products exclusively on select portals. 
 
In recent months, there have been rising concerns that discount sales launched by various e-commerce websites, including Flipkart were anti-competitive in nature. With regard to exclusive agreements, the <keyword id="97393" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI) said that such pacts need not result in appreciable adverse effect on competition. 
 
"It does not seem that such arrangements create any entry barrier for new entrants. It seems very unlikely that an exclusive arrangement between a manufacturer and an e-portal will create any entry barrier as most of the products which are illustrated in the information to be sold through exclusive e-partners (OPs) face competitive constraints," the order, dated April 23, said. 
Agreeing with the contention of the opposite parties, the Commission said that every product cannot be taken as a relevant market in itself. 
 
"Irrespective of whether we consider e-portal market as a separate relevant product market or as a sub-segment of the market for distribution, none of the opposite parties seems to be individually dominant. 
"There are several players in the online retail market which have been arrayed as opposite parties in the present case, offering similar facilities to their customers," the order said. 
 
The regulator noted that it does not consider it necessary to go into the question of abuse of dominance by the opposite parties.

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

With the talks of acquisition of <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> still in process, Jasper Infotech who owns the former has registered an FIR with the <keyword id="3470860" type="UNKNOWN" weightage="20" keywordseo="economic-offences-wing-of-delhi-police">Economic Offences Wing of Delhi Police</keyword> against former senior executives of Quickdel Logistics, the parent company of e-commerce logistics entity GoJavas. Reported yesterday, the FIR names former executive director of Quickdel Logistics Abhijeet Singh, along with promoters Praveen Sinha, <keyword id="91890" type="PERSON" weightage="20" keywordseo="Randhir-Singh">Randhir Singh</keyword> and Ashish Chaudhary as the main accused, registering a criminal complaint against them for cheating, forgery, conspiracy, criminal breach of trust and criminal misappropriation of funds. All four executives do not work at GoJavas anymore, according to an Economic Times news report. ET has got access of the copy of FIR. According to online marketplace Snapdeal, the company does not hold any shares in GoJavas and had filed a complaint in 2016 with the Delhi Police, which was duly investigated and the FIR registered on Friday. The FIR has been filed by <keyword id="4690412" type="UNKNOWN" weightage="20" keywordseo="krishna-mohan-chaudhary">Krishna Mohan Chaudhary</keyword>, director of legal at Snapdeal. Earlier Snapdeal owned 49.9% of shares in GoJavas till those were sold to Pigeon Express, when the latter took over. According to the ET news report, Snapdeal simply doesn’t want any bad investments in its book. "Jasper Infotech has no shareholding in Quickdel," said an emailed statement issued by a spokesperson in response to detailed queries by ET. "The complainant was induced into buying shares of Quickdel from Quickdel and Randhir Singh and Praveen Sinha. The complainant acquired 49.99% shareholding in Quickdel by paying an amount of Rs 119.99 crore to Randhir Singh and Praveen Sinha and Rs 237.27 crore to Quickdel," states the FIR. When contacted by ET, Sinha said that he was "unaware of the existence of the FIR." Sinha originally owned a significant minority share in the company along with co-promoters at a little less than 20% which was sold over a period of time to Jasper Infotech. All in all, Snapdeal invested Rs 357.26 crore in the Quickdel in 2015.

Snapdeal files FIR against the parent company of GoJavas. Here’s why

Advertising industry regulator ASCI has upheld brands such as <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword>, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, Vodafone, L'Oreal, Fortis Healthcare and Pernod Ricard. The ASCI upheld complaints against 82 ad campaigns in June misleading ads. 
	 
The Advertising Standard Council of India got maximum misleading ads from the personal and healthcare category, followed by education category with 22 ads. 
 
In etailer Flipkart’s case, the watchdog found that the ecommerce giant claimed that the MRP of a product was higher than the actual printed MRP and that it was offering it on discounted price. 
 
"The website communication claims the MRP of the product as Rs 999, when actual printed MRP on product is Rs 449 which is being offered as the discounted price. This distorts facts and is therefore misleading the consumers as to actual discount being offered," CCC said. 
 
Apart from Flipkart, the regulator also pulled Uber and Jasper Infotech, the holding company of e-retailing firm Snapdeal, for violating its code.

Advertsing watchdog ASCI pulls up Flipkart, Snapdeal, Uber
for misleading ads!

In a bid to stand close to its rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a> is looking to raise money for its digital payment platform <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge&amp;sortorder=effectivedate">FreeCharge</a> and is in talks with many investors including Chinese firms. 
 Jasper Infotech, which handles <keyword id="541988" type="COMPANY" weightage="40" keywordseo="SnapDeal">Snapdeal</keyword>, wants to create a system similar to <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>, the Chinese e-commerce behemoth. 
 
"We are getting a lot of interest from sovereign funds and some Chinese investors. Chinese investors have seen the Alipay story. They have seen that Alipay has been successful because it is attached to a large commerce platform," Snapdeal CEO Kunal Bahl told ET. 
 As per reports, Snapdeal is looking to raise about $300 million, or Rs 2,000 crore for <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">FreeCharge</keyword>, which had an evaluation of around $400 million in cash and stock in April 2015. 
 
"I have told investors, 'If you want to come into our crown jewel, it is going to be at a price'. If you are not willing to pay that price today, no problem. Let's wait for three to six months and let (Free-Charge) continue to execute. Till then, we will finance it,” Bahl told ET. 
 Meanwhile, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, which is backed by <a href="http://www.businessinsider.in/searchresult.cms?query=alibaba&amp;sortorder=effectivedate">Alibaba</a> and valued at $3.4 billion as of September, is much higher than the 30-31 million transactions FreeCharge handles every month. 
 
"FreeCharge is not a three-year journey. It's a commitment of a lifetime for us that we have made to the company and to the business. If we are running Snapdeal for 25 years, we have to run FreeCharge for 25 years also, and hence we want high-quality strategic investors for them as well," Bahl said. 
 
(Image: Thinkstock)

Snapdeal is sharpening focus on FreeCharge to pit it against Paytm

With a few more days to go for Diwali, <keyword id="541988" type="COMPANY" weightage="80" keywordseo="SnapDeal">Snapdeal</keyword> acquired <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge" target="_BLANK￿￿￿￿">Freecharge</a> is already having a blast. You must be wondering what the reason is. Well, Jasper Infotech, the parent company of Snapdeal will be raising $300 million (Rs 2,000 crore) for its digital services platform <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge" target="_BLANK￿￿￿￿">FreeCharge</a>. 
 The fundraising exercise will bolster <keyword id="6377963" type="UNKNOWN" weightage="80" keywordseo="Freecharge">Freecharge</keyword>’s grounding and thereby aid Snapdeal to extend more goods and services to the customers. In the news report, The Economic Times has also said that Snapdeal had earlier raised $500 million from Alibaba, <a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn" target="_BLANK￿￿￿￿">Foxconn</a> and SoftBank. 
 
The ET news report further confirmed that two sovereign funds are also keen on investing in this round. While the identities of these investors haven’t been ascertained yet, this proves that India is becoming a luring ground for investors funding in digital space. 
 
Freecharge’s rival <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm" target="_BLANK￿￿￿￿">Paytm</a> has raised almost $680 million from Alibaba. This fundraising by Freecharge will help Snapdeal to counter <keyword id="6357120" type="UNKNOWN" weightage="60" keywordseo="PayTM">Paytm</keyword>. Vijay Shekhar Sharma, the founder of the company which owns Paytm, is one of the 11 entities to receive an RBI licence to start a payment bank, reported the ET. 
 
However, the new <a href="http://www.businessinsider.in/searchresult.cms?query=fund+raising+" target="_BLANK￿￿￿￿">fund raising</a> would not have any secondary components. This would mean that Freecharge <a href="http://www.businessinsider.in/searchresult.cms?query=fund+raising+" target="_BLANK￿￿￿￿">investors</a> including Sequoia Capital, hedge funds Valiant Capital and Tybourne Capital, ru-Net and Sofina will keep holding Snapdeal’s stock.

You Searched For "Jasper Infotech" and got 11 results

Snapdeal is selling FreeCharge to Axis Bank at a huge markdown price

BI India Bureau

All is not well; Snapdeal’s Kunal Bahl, other executives summoned over non-payment of dues

BI India Bureau

Snapdeal’s investors cross swords; SoftBank cancels $150-200 million debt financing

BI India Bureau

SoftBank’s latest investment in Jasper Infotech might bring its valuation down to half

BI India Bureau

Snapdeal’s promoter Jasper Infotech eyes on-demand home services platform

BI India Bureau

Snapdeal is shopping with a vengeance. And this time it’s mobile start-up Martmobi

BI India Bureau

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

BI India Bureau

Snapdeal files FIR against the parent company of GoJavas. Here’s why

BI India Bureau

Advertsing watchdog ASCI pulls up Flipkart, Snapdeal, Uber for misleading ads!

BI India Bureau

Snapdeal is sharpening focus on FreeCharge to pit it against Paytm

BI India Bureau

Freecharge gets fund booster as Snapdeal readies to raise $300 million

BI India Bureau

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