Indian online marketplace Snapdeal is in talks with domestic rivals Paytm E-Commerce Pvt Ltd and Flipkart for a potential sale, Indian daily business newspaper Mint reported on Wednesday, citing sources.However, a Snapdeal spokesperson denied the report of sale talks with Paytm and Flipkart, according to the newspaper.
Softbank is expected to inject up to USD 50 million in bridge financing until a deal is finalised, the newspaper reported. Snapdeal, Flipkart and Paytm were not immediately available for comment after regular business hours in India.
In a bid to turn a profit in the intensely competitive market, which is dominated by homegrown Flipkart and U.S. internet giant Amazon, Snapdeal said last month that it would lay off 600 employees and its founders would forego their salaries.
Snapdeal reported a loss of 29.6 billion rupees (USD 14.93 million) in the financial year to March 31, 2016, according to regulatory filings.
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