A Snapdeal spokesperson told MediaNama that it was not in discussions with any companies to merge. They said, “We have had no such discussions with anybody at any point in time. This is a sterling piece of speculative journalism by VCCircle - ignores denial by key parties and uses nameless, faceless “direct sources” as the basis for its story. No constraints of truth and flights of fancy make for great tabloid journalism and hopefully grabs some eyeballs too!” MediaNama reached out to the company after VCCircle reported that it was was in talks with rivals Flipkart and Amazon to explore mergers. VCCircle cited sources saying that the talks were ‘exploratory’. However, the publication also cited Snapdeal as saying that such a merger talk was not happening while a Tiger Global spokesperson denied to offer it any comment. Amazon and Softbank did not comment on the story to VCCircle. Earlier this month, VCCircle had also reported that Snapdeal was looking to sell a 26% stake in FreeCharge to investors including Foxconn, to which Kunal Shah, FreeCharge chairman said that he would not comment to the publication. Snapdeal acquired Freecharge in April 2015 for a reported $450 million. Snapdeal financials: For the quarter ended March 2016, SoftBank Group stated that Snapdeal’s gross merchandise value (GMV) had grown 90% year-on-year but did not provide any numbers. From ROC filings, MediaNama found that Jasper Infotech, which runs Snapdeal, reported losses of Rs 1328 crore for the year ended March 2015. This was a sharp increase from…
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Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
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In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
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