Flipkart-Snapdeal deal hits snag as investor Azim Premji objects to payouts for founders

Premji has no objection to a $30-mn special payment for Snapdeal employees, reports Tech in Asia

The family office of billionaire Azim Premji, one of the early investors in Snapdeal, has written to its board objecting to special payouts for the founders and two larger investors, Kalaari Capital and Nexus Venture Partners, as part of the buy-out deal with Flipkart. This puts a spanner in the works for India’s biggest e-commerce merger, reports Bloomberg citing anonymous sources familiar with the discussions.

Snapdeal founders Kunal Bahl and Rohit Bansal, along with Kalaari and Nexus, had negotiated hard on compensation because Snapdeal’s proposed sale at a valuation of $1 billion is a fraction of its peak valuation of