AGENCIES
MUMBAI
The board of Jasper Infotech, which runs Snapdeal, approved Flipkart's bid of $900 million-$950 million last week, the sources who were familiar with the matter said. A deal is now pending the approval of Snapdeal shareholders, they said.
Snapdeal declined to comment, while Flipkart was not immediately available for comment.
India's fledgling e-commerce sector is in the midst of a fierce war for supremacy between US online retail giant Amazon and leading homegrown player Flipkart at a time more and more Indians shop on the web, helped by a spurt in availability of cheap phones and data plans.
Japan's solar-to-tech conglomerate SoftBank, Snapdeal's biggest investor, is keen to consummate the deal and take an equity stake in Flipkart to profit from India's booming online retail market.
A 2016 report from accounting firm EY noted that e-commerce has grown at a compound annual growth rate of over 50% in last five years.
