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<ul><li>Riteish and <keyword id="929015" type="PERSON" weightage="20" keywordseo="Genelia-Deshmukh">Genelia Deshmukh</keyword> star in <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>’s new campaign.</li><li>Great quality does not cost extra, says Snapdeal with “Brand Waali Quality, Bazaar Waali Deal.”</li></ul>Snapdeal today announced the launch of a new brand campaign “Brand Waali Quality, Bazaar Waali Deal.” The campaign highlights Snapdeal’s positioning as a shopping destination that disrupts the notion that only expensive products offer good quality. Taking a direct approach, the campaign disrupts the notion that only expensive products/brands offer good quality. In a straightforward manner, it aims to communicate Snapdeal’s unique value proposition - good quality at low prices The campaign “Brand Waali Quality, Bazaar Waali Deal,” features Bollywood actors <keyword id="1420" type="PERSON" weightage="20" keywordseo="Riteish-Deshmukh">Riteish Deshmukh</keyword> and Genelia Deshmukh Using humour, the campaign takes a lighthearted dig at a mindset that feels that anything can be good only if it is branded. Through a series of videos, the campaign challenges the conventional “brand-oriented” thinking and draws the attention of the audience to the depth of high-quality choice that is available online and showcases that great quality is also available at affordable prices. The campaign is targeted towards smart, value-conscious buyers, who are not necessarily taken in by the “brand quotient”, but are focussed on getting good quality, high utility items including fashion, accessories, homeware and much more. <div type="Youtube" id="mkqeUk6ylkc" title="Snapdeal | Brand Waali Quality Bazaar Waali Deal | NEW VIDEO 1 | Riteish | Genelia | Online Shopping" thumbUrl="https://i.ytimg.com/vi/mkqeUk6ylkc/mqdefault.jpg"></div> Speaking on the release of the campaign, Snapdeal’s CEO &amp; Co-founder, <keyword id="219793" type="COMPANY" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> said, “Value is an integral part of India's purchase journey - online or offline. It is shaped by decades of experience &amp; acumen of Indian families in looking beyond the sales talk to find the best value for their rupee. In today’s connected world, it is also in the collective wisdom from one’s network that helps sort real value from the hype. This campaign is a nod to the savvy online buyers, who understand that great quality does not need to cost more.” The campaign is designed based on consumer insights gathered through extensive research. While users are familiar with value-priced options, they also seek a consistently predictable experience on quality, assortment, price and service. Snapdeal has built out a complete solution, where the entire assortment on the platform is aligned with the value e-commerce tenets of good quality at low prices. With its distinctive positioning, as seen in the campaign, Snapdeal is visibly reaffirming its leadership in the value e-commerce space. While value retail has traditionally thrived in India’s bazaars and in more recent times through modern format value retailers, an online equivalent of the same was missing. Snapdeal is India’s only e-commerce platform that is solely focused on the value segment. Unlike other platforms, which have bits of value selection dispersed across the entire assortment, 100% of Snapdeal is about value. The market for value retail in India is estimated at USD 210 Bn, which is 3 times of branded retail. Depending on the category, while 15-40% of the branded market is already online, only 2-3% of the unbranded, value merchandise is online. This vast value e-commerce opportunity is also enabled by the growth of e-commerce beyond India’s top ~ 40Mn households to the next ~ 170 Mn households, accounting for nearly 60% of India. Conceptualized and developed in partnership with All things small and EO2, Snapdeal’s “Brand Waali Quality, Bazaar Waali Deal'' will reach out to consumers pan-India. The campaign will also highlight the ease of buying on Snapdeal and the simplicity of payments and returns. The campaign includes 10 videos ranging and will run across a variety of media. The campaign has gone live today and will run over the summer months.

Snapdeal onboards Riteish and Genelia Deshmukh for its latest campaign

<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

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> called startups the ‘strength of India’ as she pushed “job seekers” to turn “job creators”. In a big move, employees at startups who have stock options will be exempt from tax if they leave the company or sell their shares in the first five years. She proposed the tax relief given to startups. Earlier, a startup with turnover up to ₹25 crores was allowed 100% tax deduction on profits for seven years. The budget also proposed to expand it on two counts that can include older startups and those which are larger too. Here are some top reactions: Neelesh Talathi, CFO, Pepperfry 
 
 <div type="image" title="Neelesh Talathi, CFO Pepperfry" msid="73843354" hostid="261" caption="&amp;lt;p&amp;gt;Neelesh Talathi, CFO Pepperfry&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>





 “The Finance Minister has been empathetic about no tax harassment, resolving litigations. Resolving credit issues, app-based working capital solutions and more strategic aspects like National Logistic Policy are all initiatives that address core issues of our MSME sector.” “While these efforts will help boost the economy, it is imperative to arrest slippage in the Fiscal Deficit. To augur investment in our economy an aggressive disinvestment agenda, reforms including that of the government machinery etc. would have been welcome." <keyword id="258109" type="PERSON" weightage="20" keywordseo="Mayank-Kumar">Mayank Kumar</keyword>, Co-founder and MD of upGrad 
	
 
 <div type="image" title="Mayank Kumar" msid="73843449" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Mayank Kumar, Co-founder and MD of upGrad&amp;lt;/strong&amp;gt;&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>





 We at upGrad believe that upskilling is the critical route to steer India towards becoming a $5 trillion economy. But I would have been happier if the Government had taken steps to encourage investment in reskilling among professionals by allowing them a tax-break privilege under Section 80C from the Income Tax Act, 1961, like that of Mutual Funds or Life Insurance." Kunal Bahl, CEO &amp; Co-founder, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> 
	
 
 <div type="image" title="kunal snapdeal" msid="73843509" hostid="261" caption="&amp;lt;p&amp;gt;Kunal Bahl, CEO &amp;amp;amp; Co-founder, Snapdeal&amp;lt;/p&amp;gt;"></div>





 “We are thankful for accepting the start-up sector's request for ESOP taxation reforms. Also, the higher time &amp; turnover limits for carry forward of losses for start-ups will enable them to optimize growth decisions in formative years." Overall, <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword> is a thoughtful weaving together of specific proposals to tackle varied issues. Measures to improve access to finance for MSMEs and reduced taxation for the middle-income segment are welcome steps. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for the long-term growth of the Indian economy." Vivek Goyal, Co-Founder, PlayShifu 
	
 
 <div type="image" title="play" msid="73843683" hostid="261" caption="&amp;lt;p&amp;gt;Vivek Goyal, PlayShifu&amp;lt;/p&amp;gt;"></div>





 "One of the core reasons behind a successful startup is the ability to hire from a very talented pool and to keep them motivated during the long and hard journey of scaling. This is the reason why startups from hubs like Silicon Valley grow up to become world-renowned and add value to society at large. The tax deferment on ESOPs will prove to be one of the significant factors and levers in motivating growth-enabling employees, a great step in helping startups in India to scale by hiring and retaining them! Reforms like these give more power to the Indian startup hub to make a mark on a global scale and contribute towards India's $5 Trillion vision by 2025." Raghav Gupta, Managing Director, India and APAC, Coursera 
	
 
 <div type="image" title="coursera" msid="73843748" hostid="261" caption="&amp;lt;p&amp;gt;Raghav Gupta, Managing Director, India and APAC, Coursera&amp;lt;/p&amp;gt;"></div>





 “It is a progressive budget that acknowledges the role technology can play in addressing challenges and improving access to quality higher education and employment opportunities for India's youth. Government's announcements related to the development of emerging technologies like AI, ML, Data Analytics ecosystem in the country and skilling opportunities for the youth, clearly reflect the focus on preparing the youth for jobs of tomorrow." <keyword id="36872" type="PERSON" weightage="20" keywordseo="Vamsi-Krishna">Vamsi Krishna</keyword>, CEO &amp; Co-founder, Vedantu 
	
 
 <div type="image" title="Vamsi Krishna, CEO and Co-founder of Vedantu" msid="73843907" hostid="261" caption="&amp;lt;p&amp;gt;Vamsi Krishna, CEO &amp;amp;amp; Co-founder, Vedantu&amp;lt;/p&amp;gt;"></div>





 “The vision of making education accessible to the farthest corner of the country will greatly benefit students. The allocation of budget to hone the skill sets of teachers and educators will positively impact quality learning and thereby provide a boost to the education sector. Additionally the allocation of budget to BharatNet will also have a deep impact on skilling rural India as it has the potential to open up online learning to students and professionals from remote villages. With better bandwidth internet, a qualified teacher located in a metro city can impart LIVE online classes to students in small town India, where there’s a dearth of quality education. Technology will soon disrupt the entire concept of the classroom and make it an extremely personalized, one to one teaching-learning experience tailored for each mind.” Ola Mobility Institute “The clean-air fund of Rs 4,400 crores to be provided in the form of incentives to be notified by MoEFCC should consider measures to link the incentives to the electrification of vehicles and associated infrastructure such as battery-swapping and charging." Padmaja Ruparel, Founding Partner, IAN Fund “The budget 2020 represents a big win for the country’s startup ecosystem. The Government has paid heed to our concerns and rolled out reforms like a 5 year tax holiday for ESOP. This positive sentiment is evident in the Government’s drive to roll out “no tax harassment” policies along with the establishment of the investment clearance cell for assisting entrepreneurs in India." See also: <a href="https://www.businessinsider.in/budget/news/startup-esops-to-be-non-taxable-for-five-years/articleshow/73824551.cms">Good news for startup employees - your ESOPs won’t be taxed for five years</a> <a href="https://www.businessinsider.in/budget/news/ikea-furniture-and-jimmy-choo-shoes-will-get-costlier-after-budget-2020/articleshow/73841697.cms?src=hp_latest">IKEA furniture and Jimmy Choo shoes will get costlier after budget 2020</a> <a href="https://www.businessinsider.in/budget/news/new-education-schemes-reforms-policies-in-budget-2020/articleshow/73836166.cms?src=hp_latest">Budget 2020: Indian education sector will now get students and funds from foreign lands</a>

This is how top startup founders reacted to budget 2020

<ul><li><keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and four Indian shopping complexes were listed in the latest 2020 Review of Notorious Markets for Counterfeiting and Piracy. </li><li>Snapdeal’s defense is that the Indian law recognises the difference between marketplace and seller, but the <keyword id="2221396" type="PERSON" weightage="20" keywordseo="USTR-report">USTR report</keyword> blurs this distinction to further a flawed point of view. </li><li>The Indian e-commerce firm was listed in the 2019 USTR report as well.</li></ul>Indian e-commerce giant Snapdeal was in for a rude shock on Friday morning as the US Trade Representative (USTR) published a<a href="https://www.businessinsider.in/business/ecommerce/news/snapdeal-four-indian-shopping-complexes-rank-in-us-notorious-markets-list-for-counterfeiting-and-copyright-piracy/articleshow/80278346.cms"> report </a>that put the online retail firm and four Indian shopping complexes in the latest 2020 Review of Notorious Markets for Counterfeiting and Piracy. However, Snapdeal has rebuffed the report and said that this “reflects a poor understanding of the governing law in various jurisdictions, including India.” Snapdeal’s defense is that the Indian law recognises the difference between marketplace and seller, but the USTR report blurs this distinction to further a flawed point of view. “In doing so, it ignores clear and well-established regulatory and legal frameworks under which marketplaces operate,” said a company spokesperson. The USTR said Snapdeal remains a concern for right holders who report that the volume of counterfeit products on this platform has increased over the past year. "According to a November 2018 survey, 37 per cent of purchasers reported that they had received a counterfeit product from Snapdeal. In July 2019, Snapdeal's founders were accused of criminal conduct in India for selling counterfeit products there. Right holders have also sued Snapdeal for selling counterfeit goods," it said. In 2019, Snapdeal had been dragged to court as sellers on its platform was found to be selling counterfeit <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/snapdeal-founders-summoned-in-fake-hul-products-case/articleshow/72878585.cms">HUL (Hindustan Unilever) products.</a> However, Snapdeal said that there had been no criminal accusations against the founders. “The process of collating inputs by USTR continues to be outdated, opaque and based on unverified inputs. We firmly disagree with the “findings” of the report, specifically in its observations relating to Snapdeal,” said the spokesperson. This isn’t the first time that Snapdeal had to issue such a statement. In 2020, when it had featured in the list, the Kunal Bahl-led e-commerce company had strongly refuted the findings of the report and had said the process of collating the data was neither objective nor inclusive. “The comments made with regard to Snapdeal are factually incorrect and repeat the falsehoods contained in the 2019 report, which Snapdeal had strongly rebutted. The lack of diligence is evident in including reference to related sites that have ceased to operate four years ago,” said the spokesperson.

‘Opaque and unverified’ — Snapdeal lashes out at USTR that put the Indian e-tail major in the Notorious Markets list for having counterfeit sellers

<ul><li><keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> has announced a consolidated revenue of ₹925.3 crore with a 73% jump in revenue. </li><li>The e-commerce platform has also cut its losses by 71%. </li><li>Over 50 employees have returned to join the company, which has seen a turnaround in business since it launched <keyword id="4831590" type="PERSON" weightage="20" keywordseo="Snapdeal-2-0">Snapdeal 2.0</keyword> in July 2017.</li></ul>Indian e-commerce startup Snapdeal said that it has bounced back from its troubles clocking a 73% jump in revenue in the last financial year. As per regulatory documents filed by Snapdeal, its consolidated revenues grew to ₹925.3 crores in 2018-19 as compared to ₹535.9 in 2017-18. The e-commerce platform also reduced its losses to ₹186 crores in FY19 as compared to ₹611 crores in FY18. “Our transacting customers grew 2.2 times and traffic surged 2.3 times to 70 million unique users/month. And all this in a year when the e-commerce companies in India burnt through $2.5 billion in the pursuit of growth,” said <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword>, Snapdeal’s CEO &amp; Co-founder, in a blog. In 2017, Snapdeal, which was actually one of the early e-commerce players in the country, was caught in the grip of increased competition from Amazon and Flipkart. The company lost a huge chunk of its market share and posted a net loss of ₹4,638 Crores in 2016-17.. Soon after, there were many speculations about the company being in the verge of a shutdown as a merger with Flipkart too didn’t work out. However, the founders Kunal Bahl and <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> decided to turnaround the fate of their business and launched Snapdeal 2.0 in July 2017. “Our strategy is to focus on the needs of the value-conscious buyers in India – they constitute the bulk of our users. They are also the fastest-growing mega segment in Indian e-commerce and will be nearly 400 million strong over the next few years,” Bahl said in the blog. And in the last two years, Snapdeal has gone on to add over 60,000 new seller partners, who have added over 50 million new listings on the platform. Snapdeal’s work culture too has seen a turnaround, with a swanky new office, television sets across the open office where top performers are appreciated. It has also seen its employees return to be a part of its growth story. About 50 employees have returned to Snapdeal in the last one year, which includes one of its chief architects who had gone on to join a foodtech unicorn as the CTO. The company says that the average tenure of an employee in the company is now over 4 years and even has employees who have celebrated a decade with Snapdeal.

Snapdeal’s ache din – says it’s revenue jumped 73% and losses are down to less than a third

<ul><li>Founders <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal have brought back the e-commerce company from the (almost) dead. </li><li><keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> has seen over 50 employees coming back to rejoin the company. </li><li>The e-commerce company which once didn’t have money to survive a month, today has a big new office with 750 employees.</li></ul>In one end of Gurugram, not surrounded by the usual high rise buildings and hustle bustle, in one of the otherwise alone tall buildings, lies Snapdeal’s new office. A swanky new space with the Snapdeal signature red colour almost everywhere, 750 employees find their seats in an open office. The founders Kunal Bahl and Rohit Bansal ditched cabins cabins to sit right amidst their employees. While this is the saga of every startup today, for Snapdeal, it is the story of resurgence. In 2017, Snapdeal, which was actually one of the early e-commerce players in the country, was caught in the grip of increased competition from Amazon and Flipkart. The company lost a huge chunk of its market share and posted a net loss of ₹46.47 billion in 2016-17. Reports say, Snapdeal was barely left with any money to survive, as they struggled to merge with Flipkart. “The uncertainty was costing Snapdeal money, morale, momentum and more. It was clear to us that we were hurtling towards a full-blown crisis,” Bahl wrote in a LinkedIn blog post. Now, they want a do-over as they launched <keyword id="4831590" type="PERSON" weightage="20" keywordseo="Snapdeal-2-0">Snapdeal 2.0</keyword> in July 2017. “Snapdeal 2.0 is about going back to the energy and drive of a start-up culture. Our new office embodies all that - it is home to a nimble and high-energy team,” said an official spokesperson. About 50 employees have returned to Snapdeal in the last one year, which includes one of its chief architects who had gone on to join a foodtech unicorn as the CTO. The company says that the average tenure of an employee in the company is now over 4 years and even has employees who have celebrated a decade with Snapdeal. “This also means that a large part of the company has seen a big splashy headline phase and have seen the tough period of the company and then stuck together and seen how the company came out of that phase. That kind of collective wisdom and that type of galvanisation of culture money can't buy,” said the spokesperson.

Snapdeal's old employees are coming back as company tries to regain its lost glory

<ul><li><keyword id="192487" type="PERSON" weightage="20" keywordseo="Anand-Piramal">Anand Piramal</keyword>, the Executive Director of the Piramal Group, invested an undisclosed amount in e-commerce startup <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>.</li><li>Indian e-commerce startup Snapdeal recently announced that it has bounced back from its earlier lows, clocking in a 73% jump in revenue in the last financial year. </li><li>Its consolidated revenues grew to ₹925.3 crores in 2018-19 as compared to ₹535.9 in 2017-18. </li></ul>Anand Piramal, the executive director of the Piramal Group, invested an undisclosed amount in e-commerce startup Snapdeal. Piramal has made the investment in his personal capacity. “Snapdeal’s sharp execution in bringing great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies. Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics,” said Piramal. Indian e-commerce startup Snapdeal had recently announced that it has bounced back from its earlier lows, clocking in a 73% jump in revenue in the last financial year. As per regulatory documents filed by Snapdeal, its consolidated revenues grew to ₹925 crore in 2018-19 as compared to ₹536 crore in 2017-18. The e-commerce platform also reduced its losses to ₹186 crore in FY19 as compared to ₹611 crore in FY18. "Anand's investment comes as a significant endorsement for Snapdeal and the transformation the company has undergone over the last couple of years. His appreciation for what it takes to build a company with growing revenues with good economics in a competitive market comes from his own experiences of building and operating large companies in competitive sectors like real estate and financial services,” said <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword>, CEO &amp; Co-founder of Snapdeal. Snapdeal has come a long way from its very public breakdown in 2016-17. In 2017, Snapdeal, which was actually one of the early e-commerce players in the country, was caught in the grip of increased competition from Amazon and Flipkart. In the last two years, Snapdeal added over 60,000 new seller partners, who have added over 50 million new listings on the platform.

Anand Piramal makes a personal investment in e-commerce comeback king Snapdeal

Talks between <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> have hit another hurdle as the Snapdeal board has refused a takeover offer of $800-850 million, or nearly Rs 5,500 crore. PTI quoted sources as saying Flipkart has completed the due diligence process and has made an offer of USD 800-850 million to buy Snapdeal. However, Snapdeal's board felt the amount undervalued the company. "The first offer has been rejected but talks are still on. It is an ongoing discussion," one of the sources told PTI. <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, the Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board also has representation from Snapdeal founders (<keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal), NVP and Kalaari Capital. The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space. Compared to a valuation of about USD 6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about USD 1 billion. SoftBank has already written off over USD 1 billion on valuation of its investment in Snapdeal.

Snapdeal rejects Flipkart’s $850 million offer

E-commerce companies <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, Amazon, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> come together to raise objections on Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). At a <keyword id="6355001" type="CITY" weightage="20" keywordseo="FICCI">FICCI</keyword> conference in New Delhi on Thursday Amazon India head Amit Agarwal, Flipkart's cofounder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and Snapdeal's cofounder and CEO <keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> joined hands to seek modifications in the draft version of the GST law. 
 
The provision that has the ecommerce giants worried has to do with tax collection at source (TCS). The proposed GST model makes these companies responsible for the collection of taxes on behalf of its sellers and merchants. With GST expected to be finalised by this month, ecommerce rivals have for the first time presented a joint front to put pressure on the government. Each ecommerce major flaunts more than a lakh of merchants on its platform and they are worried that being in charge of tax collection for these increasing number of sellers is going to increase to be time¬ consuming and cost increasing. Whether the government takes note of these objections against GST remains to be seen, however, tax experts are not convinced by the reasoning of these companies. "It is going to be difficult for the government to keep track of all these vendors and on the other hand, these ecommerce companies are strategically placed in the marketplace, so the onus falls on them. 
 
Besides, this legislature is not new and procedures are in place from the government's side, while the concept also exists from taxpayer's point of view. This should not be an issue. And, while it may increase compliance for these companies, this is a way forward to a transparent economy. These companies are at the forefront of development and it should not be difficult for them to create software for easy compliance," says Agarwal Singhania &amp; Co, Partner, Ankur Agarwal.

Amazon, Flipkart, & Snapdeal join hands to oppose GST provision

After <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>’s offer of $800-$850 million got rejected by <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, the Indian e-commerce giant is planning to make a new one. Reportedly, Flipkart might offer $900-950 million for buying Snapdeal. Snapdeal had asked for $1 billion for acquisition and this new offer is somewhat near to the asking price. PTI quoted sources as saying the deal is not finalised yet and the new offer will be made only next week. Snapdeal's board has already rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from Flipkart as it felt the amount undervalued the company given that the due diligence report was clean. <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board of Snapdeal also has representation from its founders (<keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal), Nexus Venture Partners and Kalaari Capital. Meanwhile, Snapdeal is also looking for buyers to sell <keyword id="3489561" type="UNKNOWN" weightage="20" keywordseo="vulcan-express">Vulcan Express</keyword>, its logistics arm. Snapdeal's valuations have also plummeted from about $6.5 billion in February 2016. SoftBank has already written off over $1 billion on valuation of its investment in Snapdeal.

This is the new offer Flipkart might make to Snapdeal. Here are the details

Amid looming uncertainties, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> 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> sent out an e-mail to employees saying the current phase is an "inflection point" for the company. They also asked the teams to take tough decisions in its pursuit of profitability. 
 
Reportedly, the communication, from Bahl and Bansal, comes at a time when Snapdeal is downsizing and shutting its non-core businesses so as to conserve cash and extend its runway as fresh funding has been hard to come by. 
 
Recently, the company announced the closure of its consumer-to-consumer marketplace Shopo last week and now the e-tailer has now disbanded its SD Instant team. 
 Launched across Delhi, Mumbai and <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> to deliver FMCG and daily essential goods, the service is now only operational in Gurgaon. 
 Snapdeal's cost-cutting drive has coincided with a string of senior level exits. The latest being <keyword id="1833544" type="PERSON" weightage="20" keywordseo="Amit-Maheshwari">Amit Maheshwari</keyword>, fashion head of Snapdeal, who had been elevated as the CEO of Exclusively, the e-tailer's premium and luxury fashion goods platform, which was shuttered last year. 
 
Maheshwari has left the company after a four-year stint, sources aware of the development told TOI. He joins other old-timers who have recently quit including Tony Navin, Sandeep Komaravelly and Abhishek Kumar

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