Snapdeal says not in talks with Flipkart, Paytm for sale
"Snapdeal categorically denies having had any such discussion. The information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction," a spokeswoman said in a written statement.
- Mar 22, 2017,
- Updated Mar 22, 2017 2:58 PM IST
E-commerce marketplace Snapdeal on Wednesday firmly denied that it was in talks to sell the firm, after Mint newspaper reported the company was in talks with domestic rivals for a potential sale.
Mint had reported Snapdeal was in talks with Paytm E-Commerce and Flipkart for a potential sale, quoting sources.
"Snapdeal categorically denies having had any such discussion. The information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction," a spokeswoman said in a written statement.
The SoftBank-backed firm is going through a tough time and has been struggling to raise fresh funding. It recently announced that it will lay off around 600 employees and will also eliminate non-core projects to focus on "profitable growth".
Snapdeal co-founders Kunal Bahl and Rohit Bansal have already taken a 100 per cent salary cut, while many others at the firm have "proactively" offered significant reduction in compensation.
The firm has fallen to third place in the last few months, behind Amazon and Flipkart in terms of market share.
ALSO READ: Snapdeal to lay off 600 people, founders to forgo salary
The company reported Rs 3,316 crore in loss for the year ended 31 March 2016.
(With inputs from Reuters)
E-commerce marketplace Snapdeal on Wednesday firmly denied that it was in talks to sell the firm, after Mint newspaper reported the company was in talks with domestic rivals for a potential sale.
Mint had reported Snapdeal was in talks with Paytm E-Commerce and Flipkart for a potential sale, quoting sources.
"Snapdeal categorically denies having had any such discussion. The information is incorrect and without basis. We are making decisive progress in our journey towards profitability and all our efforts are aligned in this direction," a spokeswoman said in a written statement.
The SoftBank-backed firm is going through a tough time and has been struggling to raise fresh funding. It recently announced that it will lay off around 600 employees and will also eliminate non-core projects to focus on "profitable growth".
Snapdeal co-founders Kunal Bahl and Rohit Bansal have already taken a 100 per cent salary cut, while many others at the firm have "proactively" offered significant reduction in compensation.
The firm has fallen to third place in the last few months, behind Amazon and Flipkart in terms of market share.
ALSO READ: Snapdeal to lay off 600 people, founders to forgo salary
The company reported Rs 3,316 crore in loss for the year ended 31 March 2016.
(With inputs from Reuters)