The troubled e-commerce startup Snapdeal has again injected fresh funds worth ₹27 crore into its logistics arm Vulcan express.
The filings with the Registrar of Companies said Snapdeal has allotted 2.7 crore shares worth ₹27 crore to Vulcan Express. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.
This is the third time since June, Snapdeal has pumped in funds into the company.
In June, Snapdeal invested ₹36.5 crore into Vulcan and then came its biggest investment of ₹152.44 crore, in September this year.
Notably, Snapdeal is trying to sell Vulcan Express since it was in talks for possible merger with Flipkart early this year which eventually failed. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.
In July, it was reported that for sale of Vulcan Express the company was in talks with a few contenders including Gati, the express distribution and supply chain company, considered one of the largest in the country, and TVS Logistics. But it did not materialise into a firm deal.
Vulcan Express was formed in 2014 after Snapdeal abandoned its plans to acquire GoJavas, another logistics company in which it had invested about ₹250 crore and owned over 40% stake.
Reportedly, Vulcan Express operates in over 100 cities and over 50 per cent of the deliveries of Snapdeal is carried out by the logistics subsidiary.
To recall, the already troubled Snapdeal got more pressure when it received jaw-dropped Rs 300-crore legal notice from GoJavas' parent company Quickdel Logistics, in October this year.
The filings with the Registrar of Companies said Snapdeal has allotted 2.7 crore shares worth ₹27 crore to Vulcan Express. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.
This is the third time since June, Snapdeal has pumped in funds into the company.
In June, Snapdeal invested ₹36.5 crore into Vulcan and then came its biggest investment of ₹152.44 crore, in September this year.
Notably, Snapdeal is trying to sell Vulcan Express since it was in talks for possible merger with Flipkart early this year which eventually failed. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.
In July, it was reported that for sale of Vulcan Express the company was in talks with a few contenders including Gati, the express distribution and supply chain company, considered one of the largest in the country, and TVS Logistics. But it did not materialise into a firm deal.
Vulcan Express was formed in 2014 after Snapdeal abandoned its plans to acquire GoJavas, another logistics company in which it had invested about ₹250 crore and owned over 40% stake.
Reportedly, Vulcan Express operates in over 100 cities and over 50 per cent of the deliveries of Snapdeal is carried out by the logistics subsidiary.
To recall, the already troubled Snapdeal got more pressure when it received jaw-dropped Rs 300-crore legal notice from GoJavas' parent company Quickdel Logistics, in October this year.
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