|
The
Mint report, quoting sources, said Snapdeal was in talks with
Paytm E-Commerce Pvt Ltd and Flipkart for a potential sale.
"Snapdeal categorically denies having had any such discussion.
The information is incorrect and without basis," a company
spokeswoman said in a written statement on Wednesday.
"We are making decisive progress in our journey toward
profitability and all our efforts are aligned in this
direction."
Speculation that Snapdeal, backed by Japan's SoftBank Group,
will be sold has intensified in recent months after the company
fired employees and saw its valuations drop steeply, while
remaining far behind leaders Flipkart and Amazon.com Inc in
market share.
The company said it is focused on turning profitable. Snapdeal
had said there was no immediate need to raise capital unless it
makes an acquisition.
SoftBank, run by founder Masayoshi Son, is the biggest
shareholder in Snapdeal and has been speculated as a potential
seller of its stake in the company.
A burgeoning Indian middle class and the rapid growth in
high-speed internet has prompted buyers to shop online, boosting
sales at e-tailers and making the country's internet services
market one of the world's fastest growing.
Paytm E-Commerce Pvt Ltd, the online marketplace unit of
electronic payments firm Paytm, has been seen as a potential
acquirer after China's Alibaba Group Holding picked up a 36.31
percent stake for $177 million, according to a regulatory filing
earlier this month.
Paytm E-Commerce is a relative minnow after launching last year.
(Reporting by Sankalp Phartiyal and Devidutta Tripathy, Writing
by Rafael Nam; Editing by Vyas Mohan)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
