BENGALURU/MUMBAI: Flipkart is likely to make a revised offer of around $900-950 million for buying out its rival Snapdeal, sources privy to the matter said.The deal being orchestrated by Snapdeal’s largest investor SoftBank has been in the making since the start of the year but has faced many impediments including a shareholder disagreement. Another point of contention has been the insertion of a non-compete clause for the Snapdeal co-founders Kunal Bahl and Rohit Bansal which is still to be agreed upon, sources said.
“The final offer may still not touch the billion-dollar mark but is likely to be presented in another week. Flipkart has prepared a revised offer but that still has multiple complexities, ” a person aware of the development said. Flipkart is also discussing a non-compete clause for Bahl and Bansal, which will help rest rict the Snapdeal founders from starting a business in e-commerce for a certain period of time.”These details are still being worked out,” the source said on the condition of anonymity .