Infibeam Avenues scraps deal to acquire Snapdeal firm Unicommerce

By

Maverick Martins

Published
Dec 31, 2018

Infibeam Avenues has scrapped the deal to acquire Snapdeal subsidiary Unicommerce as the transaction could not be completed within the stipulated time period.

In May, Infibeam had announced that it will be acquiring 100 percent stake in Unicommerce for Rs 120 crore (approx $17.2 million) deal.
 
The cancellation of deal could lead to shortage in funds for Snapdeal, which is currently focusing on its 2.0 plan to revive the fortunes of the firm solely through e-commerce.

“We wish to inform you that the share purchase agreement (SPA) has been terminated as the conditions precedent were not fulfilled within the stipulated time period," Infibeam said in a regulatory filing.
 
"Both parties have mutually decided not to give effect to the said agreement. Accordingly, there will be no change in the shareholding structure of Unicommerce, which will continue to operate as a profitable and independently managed company," a Unicommerce spokesperson said in a statement.
 
Unicommerce has over 10,000 sellers, brands and online retailers as its clients. Snapdeal (Jasper Infotech Ltd) had acquired Unicommerce for an undisclosed amount in March 2015.
 
Unicommerce achieved full profitability last year and had posted revenue of Rs 20 crore for the fiscal year 2018.