Cable and broadband operator DEN Networks has entered into a Share Purchase Agreement (SPA) with Pimex Broadcast Private Limited to sell its entire equity stake in Macro Commerce Private Limited on a going concern basis, the company informed BSE. This stake sale will include 100% shares held by both DEN Networks and Jasper Infotech Private Limited, which runs the e-commerce marketplace Snapdeal. Macro is the 50-50 joint venture partnership between DEN Networks and Jasper Infotech that set up the TV shopping channel known as Den Snapdeal TV Shop, in January 2015. The TV channel operated as a marketplace for selling unbranded and branded merchandise, services and third-party vouchers, to television home shopping audiences. Snapdeal was responsible for quality and delivery of the products and offered cash-on-delivery for customers. Following the stake sale, Pimex Broadcast will take over all existing liabilities and dues of Macro, and will be responsible for settling the same. The DEN and Snapdeal branding will also be dropped from the channel. It's worth noting that in February this year, Snapdeal had shut down its C2C handicrafts marketplace Shopo, which it had acquired for an undisclosed amount back in 2013. The company mentioned that the app and web storefront will stop working from 10 February, 2017 and that it will continue to be available on email to help sellers. Given that in the same month, Snapdeal also laid off close to 600 people within the company’s logistics unit Vulcan Express and in its payments division FreeCharge, and is currently in the middle of a…
