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<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> who started their journey as high school friends succeeded in creating one of the leading online marketplaces popularly known as <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. Rising above the rival companies and proving their winning talent in the ecommerce arena was never an ordinary feat for them. Here are some interesting facts about the founders of Snapdeal that you might not have known. A decisive move in their success path In one of the bravest moves they attempted in their life, they desisted accepting a merger deal with Flipkart and turned their focus on a large base of 400 million value-conscious shoppers in India. This tough decision decided their success later. They related well to the Indian market Kunal Bahl and Rohit Bansal realized that the ecommerce companies inspired by the western and US model had little relevance to the Indian buyers since a large segment of online shoppers in India always looked for products that suited their moderate earnings. This awareness helped them fine tune their business model and relate well to the Indian market scenario. They motivated their employees excellently Kunal and Rohit believed in creating a clear picture of the company’s goal among all the employees. To this end, they constantly motivated their workforce in several ways time and again. Kunal said, “In our company, if you wake up any of our team members at 3 A.M. at night from their sleep and ask them ‘what are the goals of Snapdeal?’ They wouldn’t even hesitate to answer you with our top three quantitative goals. This understanding cascades down from Rohit and me to everyone else in the company.” They own over 16% stake in the company Kunal Bansal and Rohit Bansal together own over 16% stake in the firm. Their journey in the online market place was strenuous in raising nearly $2 billion in funds for their capital. In fact the documents show that the share of Bansal who is the chief operating officer is lower than 2.44%. They control their company lesser than their peers While PayTm founder Vijay Sharma controls 20% of the payments and Flipkart co-founders Sachin Bansal and Binny Bansal own about 15% of their company together, Snapdeal co-founders app-ear to control their company less than their peers. They started Snapdeal as a daily deal website They started Snapdeal in 2010 only as a daily deal website focusing on deals and coupons for restaurants, travel, shopping, fitness and beauty products. Eventually it turned into an online store in September 2011. They created a town in their company’s name Their Indian base is strategically located in a village near Muzaffarnagar district of Uttar Pradesh. The village Shiv Namager was changed into Snapdeal. The founders of Snapdeal provided a long list of amenities for the village to improve the quality of their lives. They reached out to a broad customer base Snapdeal has over 20 million registered users and over 200 million products brought in by more than 5 lakh sellers. Snapdeal delivers its products in more than 5000 towns and cities in the country. Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a>

Unknown facts of snapdeal founders Kunal Bahl & Rohit Bansal

BANGALORE|NEW DELHI: Even a decade ago, the name "Bansal" would have brought in images of coaching classes in Rajasthan's Kota, but today it is the common factor binding the who's who of India's fledgling e-commerce sector. 
 Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> and eBay for top honours in the country's exploding market for online retail. 
 Online marketplaces <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, apparel retailer <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> and eyewear retailer <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">LensKart</keyword> all have Bansals at the helm. Such is their clout that they account for nearly Rs 10,000 crore of the total online retail pie of about $2 billion. 
 
But their adeptness at trade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
 "We (Bansals) have the math, <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> and data skills that are extremely important for e-commerce," said Rohit Bansal who teamed up with schoolmate and Wharton alumnus Kunal Bahl to set up online marketplace Snapdeal in 2010. 
 
 
 
The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies - Flipkart, Myntra, Snapdeal and LensKart - set up shop within the last seven years and control about 85% of India's entire e-tailing industry. 
 
But they have to contend with the might of $75-billion (Rs 4.5 lakh crore) Amazon, which entered India last year and is investing heavily. Heading the fightback are <keyword id="225032" type="PERSON" weightage="40" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, 32, and Binny Bansal, 31- founders of Bangalore-based Flipkart - who met each other while studying at IIT-Delhi. Their company today generates about Rs 6,100 crore in sales, half the industry total.Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. <div style="page-break-after: always;">
	&#xa0;</div>
 
 "My ancestors from my paternal and maternal sides have all been <keyword id="80597" type="POSITION" weightage="40" keywordseo="Businessmen">businessmen</keyword>," said Rohit Bansal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. 
 
Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
 “It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of Rs 1,500 crore next fiscal from apparel sales, the largest in its category. 
 
LensKart, founded by another Peyush Bansal, 30, is considering selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of Rs 100 crore from LensKart next fiscal. 
 
RBI Chair Professor for Economics &amp; Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.”

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/ Rick WilkingBruce Richards of Marathon Asset Management, who once predicted a US recession in 2019.</div></div></div><ul class="summary-list"><li>Marathon Asset Management, the credit hedge fund run by Bruce Richards, has hired veteran distressed-debt trader Rohit Bansal from Cantor Fitzgerald. </li><li>Bansal is set to join January 3 as a senior credit trader in New York, according to a person with knowledge of his hiring. </li><li>Bansal is the second corporate credit trader to leave Cantor in the last few weeks, joining Drew Meany who decamped for Deutsche Bank. </li></ul>One of the world's largest credit hedge funds is adding to its stable of traders who wager in the market for distressed corporate debt just as gyrating stock markets lead investors and pundits to<a href="https://www.businessinsider.com/bond-markets-are-sending-an-economic-warning-signal-2018-12"> question whether a US recession is on the horizon.</a>$15 billion Marathon Asset Management, which specializes in distressed debt, hired Cantor Fitzgerald's Rohit Bansal to be a senior credit trader in its distressed-debt group, according to a person with knowledge of the hire. Bansal is set to start January 3, the person said.Bansal, hired as a managing director to run Cantor's distressed-debt trading group in 2016, left the firm in December, according to a Cantor spokeswoman. Bansal has held similar roles at Jefferies and Citigroup, and also worked at Goldman Sachs, according to industry records. He's worked on Wall Street for around 20 years. Marathon was founded by Bruce Richards and Louis Hanover in 1998, and now manages nearly $15 billion. The firm manages investing strategies in corporate and structured credit, leveraged and private lending, emerging markets, and real estate. In October 2017, Marathon said it began planning for a new distressed debt fund to capitalize on the next US recession, which Richards reckoned could come as soon as 2019. Distressed debt traders look to buy bonds and loans of struggling companies, betting they can recover value by playing an active role in restructuring the obligations or otherwise benefitting from the firm's improving financial health. Investors are growing worried about the ability of companies to repay their debt. The market for leveraged loans, or those made to riskier companies, suffered its biggest loss last month since August 2011, according to Bloomberg data. The market for high-yield bonds also suffered as investors pull money from funds that buy the debt. Distressed debt hedge funds gained about 1% in 2018, compared to a loss of 4% across all strategies, according to BarclayHedge, a composite of fund performance. Bansal declined to comment, and a spokesperson at Marathon didn't return calls for comment. Bansal is the second credit trader to leave Cantor in the last few weeks, with Drew Meany also departing. Meany joined Deutsche Bank as a managing director in high-yield credit trading, <a href="https://www.businessinsider.com/deutsche-bank-has-hired-a-new-managing-director-in-credit-trading-2018-12">people with knowledge of his hiring</a> said last month.

A 20-year Wall Street veteran has joined distressed debt shop Marathon as the market for troubled companies heats up

\ 
 E-commerce major <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer. 
 
According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent. 
 
For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added. 
 
The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees. 
 
Earlier this year, the company's founders had admitted having made mistakes and said they would take a "100 percent cut" in their own salaries. 
 The decision to give such a good pay hike has been taken at a time when Snapdeal's largest investor <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is believed to be working towards a sale of the e-commerce platform and a final decision is likely to be made in the next few weeks. 
 The top contender in the race is <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, which has recently received a funding of USD 1.4 billion. 
 Softbank is also in talks with <keyword id="4386851" type="UNKNOWN" weightage="20" keywordseo="kalaari-capital-and-nexus-venture-partners">Kalaari Capital and Nexus Venture Partners</keyword>, who have representation on the board of Snapdeal, to reach a consensus on valuation, sources said. 
 Snapdeal's seven-member board includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners, as well as co-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>. 
 
ALSO READ: <a href="http://www.businessinsider.in/read-what-rohit-bansal-and-kunal-bahl-mailed-snapdeal-employees-amidst-flipkart-acquisition-speculations/articleshow/58108189.cms">Read what Rohit Bansal and Kunal Bahl mailed Snapdeal employees amidst Flipkart acquisition speculations</a>

Snapdeal to dole out up to 15% pay hike amid sell-off buzz

IITs rank fourth among popular universities globally which have produced unicorn founders, according to a report by Sage, a UK-based accounting and payroll company. 
 
In its study “Unicorn League”, the company has recently examinef what these $1 billion companies have in common, the schools which breed the most founders etc. 
 With 51 unicorn founders, <keyword id="33081" type="ORGANIZATION" weightage="20" keywordseo="Stanford">Stanford</keyword> tops the chart followed by Harvard (37 founders). 
 At fourth position are IITs with 12 unicorn founders that include <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> (<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>), Abhay Singhal (InMobi), Ankit Bhati and <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> (Ola), <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> (Zomato), <keyword id="1003724" type="PERSON" weightage="20" keywordseo="Jyoti-Bansal">Jyoti Bansal</keyword> (AppDynamics), K.V. Rao (<keyword id="2021781" type="COMPANY" weightage="20" keywordseo="Zuora">Zuora</keyword>), Pankaj Chaddah (Zomato), <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> (<keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>) and <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> (ShopClues.com). 
 
The study also found that 94% of founders were male, while only 30 of the 498 founders were female. 67% of unicorns were created by co-founders and 33% by single founders. For 60% of the founders, their current unicorn is the first and only company they’ve built. 
 
Also, those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29 billion versus $5.88 billion). 
 
The US has the most unicorn headquarters (144), followed by China (47) and India (10).The UK (9) leads the pack in Europe, followed by Germany (6). California (95) boasts the most headquarters, followed by New York (19) and Beijing (18). Consumer Internet (49) is the most common unicorn sector, ahead of software (48), e-commerce (37), financial services (22) and healthcare (18).

IITs stand fourth among popular universities globally which have produced Unicorn Founders: Report

An Indian-origin former <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> banker, who is suspected of taking confidential documents from a government source, has agreed to plead guilty in a <keyword id="6358052" type="ORGANIZATION" weightage="40" keywordseo="criminal">criminal</keyword> action on <keyword id="42111" type="COMPANY" weightage="100" keywordseo="Wall-Street">Wall Street</keyword>. 
 
According to a report in the New York Times, Rohit Bansal and his source Jason Gross will accept a plea deal from federal prosecutors under which they would be imprisoned for up to one year. 
 At the time of the leak Gross worked as an employee at the <keyword id="6355253" type="ORGANIZATION" weightage="80" keywordseo="Federal-Reserve">Federal Reserve</keyword> Bank of New York. 
 
Federal prosecutors are preparing to announce criminal charges this week against Gross and Bansal. 
 "The outcome partly reflects their low-level rank on Wall Street. Bansal, who was 29 at the time, was an associate at Goldman," the report said, adding the Federal Reserve is likely to permanently bar Bansal from the <keyword id="34494" type="UNKNOWN" weightage="80" keywordseo="banking-industry">banking industry</keyword>. 
 
The report said that it is "rare" for a Wall Street banker to face criminal charges. Not a single Wall Street chief executive was charged after the financial crisis even as bankers or traders have faced charged in a few investigations. 
 
Under a tentative deal with New York State's financial regulator, Goldman is expected to pay a 50 million dollar fine and face new restrictions on how it handled delicate regulatory information. 
 
(Image: Indiatimes)

An Indian-origin banker will plead guilty in regulatory leak case

<a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">e-Commerce</a> companies <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> have invested around Rs 1.8 crore and funded the designer of board games MadRat for children. Sachin Bansal and <keyword id="6364080" type="PERSON" weightage="60" keywordseo="Binny-Bansal">Binny Bansal</keyword> of <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Flipkart</a> made their investment in November last year while Snapdeal's <keyword id="219793" type="PERSON" weightage="60" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal did that recently. 
 
"They (the other investors) started smiling when I told them both <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a> and Flipkart are participating. 'How did you manage that?' was their first question," <keyword id="2975978" type="UNKNOWN" weightage="100" keywordseo="MadRat-Games-Pvt-Ltd">MadRat Games Pvt Ltd</keyword> CEO Rajat Dhariwal told the Economic Times. 
 
Kunal Bahl and <a href="http://www.businessinsider.in/searchresult.cms?query=Rohit+Bansal">Rohit Bansal</a> didn't have any issues over their competitors investing in the firm, said Dhariwal, an alumnus of the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Institute+of+Technology-Bombay+">Indian Institute of Technology-Bombay</a> and <keyword id="6421753" type="ORGANIZATION" weightage="80" keywordseo="Carnegie-Mellon-University">Carnegie Mellon University</keyword>. 
 Participants in the funding round of about $1 million (about Rs 6.2 crore) included the founders of IT outsourcing firm <keyword id="23555" type="COMPANY" weightage="80" keywordseo="Globallogic">GlobalLogic</keyword> - Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay. Vikas Choudhury, promoter of <keyword id="2975485" type="UNKNOWN" weightage="60" keywordseo="Pivot-Ventures">Pivot Ventures</keyword>, investment banker Sandeep Bordia and equity crowd funding site Globevestor have also put money into the company. 
 
"Innovation is at the heart of MadRat Games," said Binny Bansal, the single largest investor in the round. The company has Ravi Vora, CEO of the strategic brands group at Flipkart, on its board. 
 
Snapdeal declined to comment on the personal investments of the founders. 
 
According to Dhariwal, investors see potential in MadRat. "Everyone is building brands in-house. In the children category, I think the two companies see us as a top brand," he said. 
 
The company, which will launch a crowd funding campaign on Kickstarter in August as part of efforts to go global, is looking to compete with the likes of global giants Hasbro and Mattel. 
 
 Before setting up MadRat in 2010, Dhariwal taught kids for four years at <keyword id="2975487" type="UNKNOWN" weightage="80" keywordseo="Rishi-Valley-School-in-Andhra-Pradesh">Rishi Valley School in Andhra Pradesh</keyword> along with co-founder Madhumita Halder. Their experience showed them that children learn best when lessons are not forced down their throats. 
 
For instance, a jigsaw puzzle is usually discarded after being solved a few times. MadRat has sought to build on this, adding card games based on the pictures in the jigsaw or getting players to hunt for tiny characters hidden in the puzzle with a magnifying glass. 
 
Rajul Garg said: "What we found promising in MadRat was the team's sharp focus on becoming 'the' brand known for providing wholesome entertainment for kids." 
 
The games are priced between Rs 500 and Rs 1,000 and are available in 400 stores in 10 cities — and on Flipkart and Snapdeal. The company said it has sold 60,000 units of the five games it launched in January. 
 
"Learning should be like osmosis. It should happen without them (kids) knowing about it," said Dhariwal. The market is large, with the Indian toy industry expected to expand to Rs 13,000 crore in 2015 from Rs 8,000 crore in 2013, according to a report by the Associated Chambers of Commerce and Industry of India (<a href="http://www.businessinsider.in/searchresult.cms?query=ASSOCHAM">ASSOCHAM</a>). 
 
(Image: Indiatimes)

Flipkart & Snapdeal in rat race! Both invest about Rs 1.8 crore in MadRat Games

E-tailer giant, <keyword id="520046" type="COMPANY" weightage="20" keywordseo="Snapdeal-com">Snapdeal.com</keyword>, has appointed Vishal Chadha as its Market Development division’s new vice president. In his new role, Chadha will spearhead company’s business development plans as well as push forward the marketing efforts of the sellers on the website. 
	 While announcing his appointment, <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword>, co-founder of the online marketplace, said, “We are very excited to have Vishal join the Snapdeal family. Vishal comes with a rich experience in leadership roles across industries and I am sure his vast experience will add tremendous value and further fuel our vision of getting a million businesses online.” 
	 
	Commenting on his association with the company, Vishal Chadha said, “E-Commerce is one of the fastest growing sectors in the country today and Snapdeal has been extremely successful in revolutionizing online shopping in India.” 
	 Bansal stated that Chadha’s appointment is another step forward towards the firm’s goal of promoting the SME sector. In recent times, the company has been taking several initiatives to boost the <keyword id="6358354" type="ORGANIZATION" weightage="20" keywordseo="MSME">MSME</keyword> sector, some of which include tying up with The National Institute for Entrepreneurship and Small Business Development.

Snapdeal Brings
Industry Veteran Vishal Chadha On Board

In the past he used <keyword id="6354616" type="CITY" weightage="100" keywordseo="Twitter">Twitter</keyword> to slam <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, but <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> did an exception on Wednesday when he came out in defence of the e-commerce rival after <keyword id="6355923" type="PERSON" weightage="100" keywordseo="Aamir-Khan">Aamir Khan</keyword>'s <keyword id="642964" type="UNKNOWN" weightage="100" keywordseo="intolerance">intolerance</keyword> remark sparked outrage also bringing massive criticism for Snapdeal. "This is a flawed logic. Brands don't buy into brand ambassadors personal opinions. @snapdeal shouldn't face this," Bansal, the co-founder and CEO of India's largest online marketplace <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> tweeted. 

	Many people enraged by Bollywood star Aamir Khan's recent controversial statements on rising intolerance in India vented their frustration on Snapdeal, for which Khan is a brand ambassador 
 

	Internet users downvoted Snapdeal's app on the Google Play Store and commented that others uninstall the app as well. "Uninstall snapdeal app #App wapsi Amir Khan plzz leave our country as soon as possible no Deal with snapdeal just uninstaled snapdeal App," an app store user who goes by the name Sujit Kadam wrote.
 

	This hasn't affected Snapdeal's rankings on the Play Store yet, according to App Annie. Snapdeal's ranking has remained constant at 27 in the the list of top apps. Flipkart is ranked at 9 and Amazon India at 14, according to App Annie.
 

	Flipkart itself was at the receiving end of such a protest in April as users angry with the company's move to join Airtel Zero down-voted and uninstalled its app in protest. 
 

	The last time around on Twitter, Bansal wasn't very charitable towards Snapdeal. In May, he took a stab at Snapdeal co-founder Rohit Bansal who reportedly suggested that India didn't have the right kind of software engineers it needed.
 

	"Don't blame India for your failure to hire great engineers. They join for culture and challenge," Bansal said. The Snapdeal co-founder later clarified that he was quoted "out of context."

Aamir Khan's intolerance remark: Flipkart's Sachin Bansal comes to Snapdeal's rescue

<a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate" data-type="tilCustomLink">Snapdeal’s</a> three major investors- <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate" data-type="tilCustomLink">SoftBank</a>, Nexus Venture Partners and Kalaari Capital- have already agreed for e-commerce’s sale out to<a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate" data-type="tilCustomLink"> Flipkart</a>. But, apart from these, a nod from <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> and <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> is also required as they too have stakes in <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>. <a href="https://www.bloomberg.com/news/articles/2017-05-16/flipkart-pact-for-snapdeal-said-to-need-premji-tata-approvals">Bloomberg</a> reported, as per the contract, Snapdeal needs backing from the two of India's most powerful businessmen. Nod from Premji, Tata and other several important investors is still awaited. “If due diligence goes smoothly, a term sheet specifying cash and stock for each shareholder will follow and a final agreement could be signed by mid- to late June,” Bloomberg quoted sources as saying. When the sale happens, Snapdeal's Kunal Bahl and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> will together receive about $30 million with a similar sum to be set aside for Snapdeal's nearly 2,000 employees. <keyword id="1397792" type="UNKNOWN" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, one of the two early investors in the startup, is to get $30 million, while Nexus will receive twice that amount for its larger stake, they said. Kalaari's managing director <keyword id="1397790" type="UNKNOWN" weightage="20" keywordseo="Vani-Kola">Vani Kola</keyword>, an early investor in Snapdeal, told Bloomberg that she has resigned from the startup's board. "I was done with what I needed to do,” Kola said, adding that she saw no conflict of interest. Meanwhile, this merger will give a boost to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s battle against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, which is pumping in money in its Indian arm to grab a significant share in the market. Flipkart raised $1.4 billion from Tencent Holdings Ltd., Microsoft Corp. and EBay Inc, taking its valuation at $11.6 billion. "This is a landmark deal for Flipkart and for India,” the company's co-founders <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> said in a statement. "This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.

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Unknown facts of snapdeal founders Kunal Bahl & Rohit Bansal

Team BI India

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

Economic Times

A 20-year Wall Street veteran has joined distressed debt shop Marathon as the market for troubled companies heats up

Dakin Campbell

Snapdeal to dole out up to 15% pay hike amid sell-off buzz

PTI

IITs stand fourth among popular universities globally which have produced Unicorn Founders: Report

Anushree Singh

An Indian-origin banker will plead guilty in regulatory leak case

BI India Bureau

Flipkart & Snapdeal in rat race! Both invest about Rs 1.8 crore in MadRat Games

BI India Bureau

Snapdeal Brings Industry Veteran Vishal Chadha On Board

Purba Das

Aamir Khan's intolerance remark: Flipkart's Sachin Bansal comes to Snapdeal's rescue

BI India Bureau

Azim Premji, Ratan Tata’s nod also important for Flipkart-Snapdeal merger

BI India Bureau

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