Flipkart and Snapdeal sign non binding termsheet

NEW DELHI: Inching towards a mega e-commerce giant, Flipkart and Snapdeal today signed a non binding termsheet today paving way for the proceeding to follow.

Due diligence of the matter will begin soon.

Valuation of Snapdeal is estimated somewhere between $950 million - $1 billion.

However, two minority shareholders of Snapdeal, Azim Premji and Tata are yet to give their nod to the acquisition. Apparently, Premji is seeking clarity and details on the board’s plans for Snapdeal post the proposed merger with Flipkart, ET Now reported.