After getting refusal from Snapdeal for its $850 million buyout offer, Flipkart is expected to start afresh with new, revised and improved offer in the next few days for acquiring Snapdeal, according to sources close to Flipkart management but don't want to disclose their identity.

According to the source, the new improved offer is likely to be close to USD 1 billion to woo Snapdeal. Notably, the $1 billion ammount was the initial asking price for acquisition of troubled e-commerce marketplace.

Further, if the terms are accepted, the deal would be completed within a month or so. As Snapdeal has already got nod from all of its stake holders including smaller ones like Azim Premzi and Ratan Tata.

SoftBank, Snapdeal’s largest investor, has been proactively mediating the plausible acquisition deal for the past few months. The board of Snapdeal also has representation from its founders (Kunal Bahl and Rohit Bansal), Nexus Venture Partners and Kalaari Capital. Snapdeal is also engaged in separate discussions for selling its mobile wallet Freecharge, possibly to Airtel or Axis Bank and also selling its logistics arm Vulcan Express. These deals are also likely to be closed within this month only.

The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space. Snapdeal’s valuations have also plunged from about $6.5 billion in February 2016 to just $1 billion in April this year. SoftBank has already written off over $1 billion on valuation of its investment in Snapdeal

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