SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
'The conversation is no longer just about securing funds or acquiring customers but about the long-term value of customers.'
Open Network Digital Commerce (ONDC) has expanded its pilot to 15 more cities. This comes at a time when it plans to begin operations next month. Snapdeal has also signed the onboarding agreement with the network and will debut on it next month. On Monday, ONDC expanded to Noida, Faridabad, Lucknow, Bijnor, Bhopal, Chhindwara, Kolkata, Pune, Chennai, Kannur, Thrissur, Udipi, Kanchipura, Pollachi, Mannar and Ramnathpuram.
E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
'There is need for India-specific pricing.' 'Google, Microsoft and others also have different pricing.' 'It is important for OpenAI to think on these lines as the global pricing may not work in the Indian context.'
E-commerce platform Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges. The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). According to market sources, potential listing could value Snapdeal at about $1.5-1.7 billion.
Two years after his dismissive stance on India's AI potential raised eyebrows here, OpenAI CEO Sam Altman on Wednesday gave a ringing endorsement to Artificial Intelligence momentum in the country -- and billed India as an important market not just for the new-age technology itself but for the ChatGPT creator as well. In New Delhi on Wednesday, Altman -- while sharing dais with Union IT minister Ashwini Vaishnaw -- said India is the second biggest market for the company and that Open AI had tripled its users here in the last year.
In collaboration with autonomous mobility start-up Ottonomy IO, Snapdeal has successfully tested last-mile delivery using robots in select locations of Delhi-NCR.
JM Financial, Axis Bank, and Bank of America have been roped in as the bankers to run the mandate, say sources.
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
Not chasing IIM-A graduates whose joining dates have been deferred by rival Flipkart, says the company
One of the leading contenders in the Indian e-commerce space, Snapdeal has seen its fortunes falling amid strong competition from Amazon and Flipkart.
Snapdeal chief executive officer Kunal Bahl said Piramal's investment was a significant endorsement for the firm and the transformation the company has undergone over the last couple of years.
Snapdeal is conducting due diligence on ShopClues, a move that may lead to a potential acquisition of the latter, which may bring in a fresh infusion of funds for the new entity.
Second Tata firm to join hands with e-commerce portal.
Even as their venture Snapdeal is clocking rapid growth, Kunal Bahl and Rohit Bansal are mentoring young entrepreneurs.
Other than Snapdeal, the four markets are Tank Road in Delhi, Heera Panna in Mumbai, Kidderpore in Kolkata and Millennium Centre in Aizawl. Snapdeal, one of India's largest e-commerce platforms, is known as a place to purchase counterfeit watches and shoes.
The term sheet with Flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
Snapdeal has a number of shareholders including Ontario Teachers' Pension Plan, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock, among others.
Snapdeal had appointed merchant bankers for listing on an American stock exchange
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
In April, Snapdeal had said it was delisting the drugs from its portal and was assisting the regulator in the investigation.
Snapdeal's rival Flipkart had last announced its GMV in March this year -- $1 billion. Many rounds of funding later, sources estimate Flipkart's GMV at about $3 billion, a figure Snapdeal is trying to catch up with.
Consumers will get a list of dealers in their neighbourhood once they have made a selection of vehicles.
The 'Diwali Home Buying Fest' would be organised from Nov 3-9.
Infibeam appointed Kothari as president, strategy, corporate development, international operations, and investor relations.
Snapdeal, which has raised about $400 million since its inception, has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian eCommerce market.
It hopes to leverage the growing number of mobile transactions
These workers have been asked to undergo a 30-day performance improvement plan.
In its race to climb up the charts in e-tailing revenues, it is picking new revenue streams that others are yet to adopt, for example, carrying ads
Firm has shortlisted 4 candidates for engineering head post
RupeePower aims to become the No 1 originator of financial products.
Snapdeal said on Wednesday it bought online mobile recharge firm Freecharge for an undisclosed amount.
Snapdeal has been on the deal street for raising fresh funds in order to muscle up for the growing competition in e-commerce.
Homegrown e-Commerce major Snapdeal on Tuesday launched a new initiative to help sellers on its platform get easy access to working capital to help them expand their business further.
The move comes at a time when Snapdeal is aggressively looking at optimising costs amid intense battle with Flipkart and Amazon.
It took Flipkart a little over 24 hours to complete due diligence and come up with a final offer that was $20 million higher than what Snapdeal was ready to forfeit.
Market experts have valued Housing.com at $700 million.
The strategy these online marketplace companies follow in the next few months will determine whether Amazon gets to be the leader in 2017.
The move is a show of faith from three of the world's biggest technology companies in fast-growing Snapdeal
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