Ecommerce companies Amazon and India’s Flipkart have reportedly stepped down from talks to acquire Dubai-based ecommerce company Souq.com, reports Bloomberg. The development comes months after Amazon was said to be in talks to buy Souq.com for reported price of $1 billion in November last year.

Souq.com has also been in talks with Majid Al Futtaim Group, a UAE based mall and retail business operator, added the report. The company had raised $ 275 million in funding from Tiger Global, Naspers, Standard Chartered Private Equity, and others in February last yer. Note that Tiger Global and Naspers both are both investors in Flipkart as well.

It is not clear why both Flipkart and Amazon dropped out of the sale talks, but it is interesting to note that it has raised more than $400 million in funding across 4 rounds since its first round of funding in 2012. It currently has operations in UAE, Egypt and Saudi Arabia. The Dubai-based company also investments in three other startups. In October last year it invested an undisclosed amount it InstaShop, a grocery delivery app based in UAE. In the same year, logistics startup WING.ae raised an undisclosed amount from Souq.com.

Competition in India

In India, ecommerce player Flipkart posted losses of Rs 5,223 during FY16, which is the highest comparing to the three ecommerce companies (Snapdeal and Amazon) that operates in the country, according to this Moneycontrol report. Flipkart has also seen some major rejigs on its executive management level with the appointment of Tiger Global’s Kalyan Krishnamuthy as new CEO. It also acquired fashion ecommerce site Jabong for $70 million in July last year.

Amazon India on the other hand posted Rs 3,572 crore in losses during FY16, up from Rs 1,724 crore in the previous financial year, according to Mint. Amazon has also invested heavily into India operations, with its overall investment touching Rs 7,000 crore during FY16. Apart from this, Snapdeal is said to be in talks with Chinese giant Alibaba for a buyout deal, although it is also a major investor in Paytm.