Flipkart, Snapdeal move a step closer to merger, ink non-binding term sheet

The deal could be the biggest in India's e-commerce space; Snaldeal could be valued at $1 billion

In what will be the biggest merger deal in the Indian e-commerce ecosystem, Binny Bansal-led Flipkart and Kunal Bahl-led Snapdeal signed a non-binding term sheet for a merger of the two giants on Tuesday, according to an ET Now report.
 
The report added that Flipkart was likely to value Snapdeal at between $950 million and $1 billion for this deal. Flipkart is said to begin the due diligence process for the deal very soon.
 
It was earlier reported that after the proposed merger, the Snapdeal brand might cease to exist, unlike Flipkart’s earlier acquisitions – Myntra and Jabong.