According to the terms proposed by the Japanese media and telecom conglomerate, Snapdeal shareholders will get one share of Flipkart for every ten they own.
The new fundraising could more than double BigBasket's valuation to nearly $1 billion, according to one of the investors involved in the discussions.
RNT Capital is expected to lead the round with an investment of $60 mn with the rest coming from New York-based hedge fund Falcon Edge Capital.
The new fund, which is targeting a final close by the end of the year, will take the total assets under management of the Bengaluru-based investment firm to more than $1billion, two people familiar with the matter said.
I think one of the things we do better than anybody else is wrapping brands around content, says Shane Smith, CEO, Vice Media.
The fund, with a corpus of at least $100 million, will consist mostly of personal capital pooled in by the technology titans. The rest will come from “friends and family”, the sources said.
The windfall comes at a time when most Indian consumer internet unicorns are under pressure to lower their valuations for getting fresh capital.
Airbnb's CEO, who was in India over the weekend to launch the Trips business, said US President Donald Trump's travel ban went against his company's global mission to work on policies aimed at ending racism.
India will become one of Airbnb’s key revenue generators with the country’s young and rapidly expanding middle class spending big on travel, Chesky said.
Snapdeal’s share slipped to 13%, increasing its gap in the pivotal category. Over a third of all smartphones are sold online.
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