NVP is another crucial investor in Snapdeal and Yes should be likely expected for the biggest e-commerce merger in the country.
Freecharge was earlier in talks with multiple other players including wallet major MobiKwik and global payments giant PayPal. Snapdeal is going through a tough time, with reports of its imminent acquisition by Flipkart and investor SoftBank writing down its investment in the e-commerce company. But things may change now, said analysts.
SoftBank has also written off over $1 billion on valuation of its investment in Snapdeal. The bulk of the losses was booked on the back of one its biggest bets in India, e-commerce marketplace Snapdeal, which SoftBank said amounted to as much as $1 billion. "The situation caused a material decrease in net asset value of STARFISH I PTE as of March 31, 2017", the company explained in a separate filing on its website. Further according to sources, Snapdeal founders would get about $25 million each, while NVP could get close to $100 million and stake in the merged/new entity.
SoftBank has been orchestrating the sale of Snapdeal to rival Flipkart over the past few weeks. And hence, there is no impact of this loss on valuation of shares of subsidiaries and associates on the consolidated financial results, SoftBank said. The company in a report said that it "recorded loss from financial instruments at Financial Assets and Liabilities at Fair Value through Profit or Loss (FVTPL) of ¥160,419 million ($1.4 billion). Financial instruments at FVTPL included preferred shares of Jasper Infotech, which runs Snapdeal.com, an e-commerce site in India, and ANI Technologie, which runs Ola, a taxi booking platform also in India", the annual says.
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Snapdeal is now valued at $7 billion while Ola at $3.5 billion.
The payments company had earlier forecast seven million daily transactions and gross merchandise transactions of Rs 20,000 crore by the end of fiscal 2017.
The company has also seen its valuation plummet from around $5 billion in 2015 to $3-3.5 billion during the latest round of fund raising. SoftBank, which pumped in $250 million, brokered the deal at a 30 per cent drop in valuation, compared to the previous round, reflecting in the loss the company reported in fair value of its shareholding in Ola.
SoftBank's other bet, Ola, is also facing pressure in the Indian market as its US-based rival Uber has shifted to a higher gear and accelerated investments to grow the number of drivers and riders on its cab aggregating platform.