The financial details of the transaction are not known.
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Tweet. Subscribe today and get the latest information on Textiles, Fashion, Apparel. AQS QuiltWeek Grand Rapids 2020 Snapdeal's loss has grown five-fold in the 12-month period as it spent heavily to maintain its market share amid growing e-commerce competitionIn December, Snapdeal’s closest rival Flipkart reported a loss of about According to documents filed with the Registrar of Companies, Snapdeal’s loss has grown five-fold in the 12-month period.
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Rai, owner of QuickDel that owns and operates GoJavas, says Jasper & promoters Bahl, Bansal violated non-compete pacts. Snapdeal founders are also party in the case. Snapdeal owner, Jasper Infotech, reports a five fold loss of about Rs.
Jasper Infotech Pvt.
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Jasper Infotech Pvt Ltd, owner of India’s leading group buying site, SnapDeal.com has acquired a leading group buying company in Bangalore- Grabbon. There has been a breach of trust, and they have maligned the name of GoJavas,” ET quotes Anand as saying.This comes two weeks after Anand sued the same parties seeking a compensation of Rs 300 crore, which Jasper Infotech responded to as baseless.Responding to the fresh complaint, Jasper Infotech told ET that the company will initiate strict legal action against Quickdel and that it goes against the “Release and Settlement Agreement” dated 31st March 2017 signed by the company, further adding that the allegations were baseless and a ‘frivolous attempt at extortion’.The fresh complaint will be added to the complaint filed by Rai and Quickdel Logistics in June earlier this year.Earlier this month, Rai had told ET that he planned on approaching the Delhi High Court for relief and that he was still open to an out-of-court settlement with the parties.Snapdeal acquired 20% stake in GoJavas for $20 million and entering into a supply-chain partnership with it in March 2015.VCCircle reports that the business partnership at the time of investment entailed Snapdeal providing 190,000 packages per day for delivery.By October 2015, Snapdeal upped its stake in Gojavas to about 42% by investing another $20 million.Anand bought Jasper Infotech’s 49% stake in Quickdel in March for an undisclosed sum.In June, Jasper Infotech, the parent company of Snapdeal While GoJavas has earlier said that the deal helped the company, there are allegations that Snapdeal used GoJavas to run tests, such as 90-minute reverse pick-up and swipe on delivery, and siphoned off money to the tune of Rs 100 crore by raising fraudulent debit notes.As per the ET report, Snapdeal had invested more than Rs 300 crore in the company, across rounds, before pulling the plug and building its in-house logistics unit, Vulcan Express. NAME INCORPORATION YEAR STATE PAID UP CAPITAL; GDD EXPERTS INDIA PRIVATE LIMITED It was formed in year 2007 in Maharashtra .
Ltd. Right from offering discounts to spending heavily on television and print advertisements; e-commerce companies are doing everything to build the brand and keep the consumer engaged.In August, Snapdeal raised $500 million in fresh funds largely from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and existing investor Softbank Group.
However, KKR has not purchased the additional stake before the agreed upon deadline, IndiGrid said in a disclosure to the bourses.Please Note: Data on this page may not be updated vis-à-vis company’s current credentials.Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Fashion Fair Vejle 2020 Jasper Infotech Snapdeal's owner raises Rs 140 crore
FreeCharge raises Rs 30cr from owner Jasper Infotech.
Snapdeal currently delivers goods to over 5,000 cities and towns in India.Log in to our website to save your bookmarks.
Founded in 2010 by Kunal Bahl and Rohit Bansal as a deals site, Snapdeal has become the biggest local rival to Flipkart.
The latest write down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer announced that it had … MUMBAI | BENGALURU: Snapdeal owner Jasper Infotech lost Rs 2 on each rupee of sales it posted in the last fiscal year, as the ecommerce marketplace continued to burn cash in the extremely competitive online market.
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