Snapdeal has distributed its preference shares having value of Rs 113.16 crore to Nexus Venture Partners, company’s early investor, and Rohit Bansal and Kunal Bahl, company’s cofounder as a part of the acquisition deal of the Unicommerce eSolutions in 2015.
Unicommerce, Web based Multi Channel Order Fulfillment software, was acquired by Jasper Infotech which is the parent company of Snapdeal.
Unicommerce acquisition deal
The buyout of Unicommerce is not officially declared by the company yet. Company which was started in 2012 had angel investors that include Nexus and other two investors.
Share divided in founders and investors
Nexus has been dispensed 14,810 inclination shares esteemed at Rs 96.26 crore. Bansal and Bahl, both of them got 1,300 offers each (esteeming it at Rs 8.45 crore each).
Attention to the record
The reason behind issuing these convertible combined inclination shares which are valued at Rs 20 each called attention to the records. The decision for doing the same was done during a remarkable meeting on March 10. It is still unclear about the reason behind the filings being made now, two years after the exchange was done.
Unicommerce deal and Snapdeal sale
The advancement occurs at the last time of sale of the company which has been coordinated by its biggest capitalist SoftBank. Since earlier it has been revealed that Softbank board approves Flipkart-Snapdeal merger. The company has also received a correspondence from Premji Invest, minority investor, which raises questions about the sale of the company.