India's Snapdeal rejects $700-$800 million Flipkart bid: report
The board of Indian online marketplace
The offer by Bengaluru-headquartered Flipkart last week is only for the Snapdeal online marketplace and doesn't include the company's logistics arm Vulcan Express or its digital payments unit FreeCharge, Mint said quoting three anonymous sources.
SoftBank declined comment while Snapdeal, its shareholders
Snapdeal has been expected to fetch at least $1 billion from its sale to Flipkart.
Negotiations between the two companies will continue, a person familiar with the matter told Reuters.
Flipkart did not give any reason for "knocking down" Snapdeal's valuation, the source added.
As part of the proposed transaction, SoftBank would invest about $1 billion in Flipkart through a direct cash infusion and by buying equity stakes in its investors such as Tiger Global, according to sources.