{"id":108731,"date":"2018-12-29T14:45:14","date_gmt":"2018-12-29T14:45:14","guid":{"rendered":"https:\/\/www.bnreport.com\/infibeam-snapdeal-terminate-unicommerce-deal\/"},"modified":"2018-12-29T14:45:14","modified_gmt":"2018-12-29T14:45:14","slug":"infibeam-snapdeal-terminate-unicommerce-deal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/infibeam-snapdeal-terminate-unicommerce-deal\/","title":{"rendered":"Infibeam, Snapdeal terminate Unicommerce deal"},"content":{"rendered":"

NEW DELHI: Infibeam<\/a> Avenues has said its up to Rs 120 crore-deal to acquire Unicommerce<\/a>, a subsidiary of e-commerce platform Snapdeal<\/a>, has been terminated.<\/p>\n

"\u2026we wish to inform you that the SPA has been terminated as the conditions precedent were not fulfilled within the stipulated time period," Infibeam said in a regulatory filing. In May, Infibeam Avenues had announced signing a definitive share purchase agreement (SPA) with Unicommerce eSolutions and Jasper lnfotech (which runs Snapdeal) to acquire 100 per cent stake in Unicommerce.<\/p>\n

It had said the acquisition would boost its e-commerce enablement capabilities and expand the product offerings for existing clients. The transaction was scheduled to close in three-five months. According to the May filing, Infibeam was to issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 crore, subject to shareholders' approval.<\/p>\n

The filing had further stated that Unicommerce eSolutions had a net worth of Rs 24.63 crore and turnover of Rs 20.27 crore as on March 31, 2018. In a separate statement, a Unicommerce spokesperson said "both parties have mutually decided not to give effect to the said agreement".<\/p>\n

"Accordingly, there will be no change in the shareholding structure of Unicommerce, which will continue to operate as a profitable and independently managed company," the spokesperson added.<\/p>\n

Founded in 2012, Unicommerce offers e-commerce enablement software for warehouse management and omni-channel services and has over 10,000 sellers, brands and online retailers as its clients.<\/p>\n

Noting that Unicommerce caters to more than 15 per cent of India's e-commerce transactions and has a growing presence in the Middle East and South Asia, the spokesperson said the company will continue to deepen and expand its presence in India and key overseas markets.<\/p>\n

Last year, Snapdeal dumped a $950-million takeover offer from Flipkart<\/a>, with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.<\/p>\n

As a part of this 'Snapdeal 2.0' plan, it has sold its payment services unit Freecharge<\/a> to Axis Bank<\/a> for Rs 385 crore, while its logistics arm Vulcan Express was acquired by Kishore Biyani<\/a>'s Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a>
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ET Markets<\/a><\/h5>\n

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NEW DELHI: Infibeam Avenues has said its up to Rs 120 crore-..<\/p>\n","protected":false},"author":1,"featured_media":108732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-108731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nInfibeam, Snapdeal terminate Unicommerce deal - Business News Report<\/title>\n<meta name=\"description\" content=\"NEW DELHI: Infibeam Avenues has said its up to Rs 120 crore-..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/infibeam-snapdeal-terminate-unicommerce-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infibeam, Snapdeal terminate Unicommerce deal - 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