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4 April 2017

SoftBank withdraws Snapdeal financing amid merger rumours

SoftBank, which holds 33% of Snapdeal, has reportedly rescinded an agreement to provide up to $200m in debt and is said to be negotiating a merger with its rival, Flipkart.

Author: Robert Lavine, News Editor

Internet and telecom firm SoftBank has withdrawn an amount of debt financing sized between $150m and $200m to India-based e-commerce platform and portfolio company Snapdeal, the Economic Times reported yesterday.