Online marketplace Snapdeal has called off a proposed merger with rival Flipkart, after saying it wants to pursue an “independent path”.
The news will come as a surprise to many spectators; with both companies under pressure from the increasing presence of Amazon in the Indian region, deal between the two online retailers would have strengthened their presence.
In a statement, the company said: “Snapdeal has been exploring strategic options over the last several months. The company has now decided to pursue an independent path and is terminating all strategic discussions as a result,” a Snapdeal spokesperson said without naming Flipkart.
It was rumoured the deal between the two companies would be worth around $900-950 million. Flipkart had recently upped an earlier offer to about $850 million.
