E-commerce major Snapdeal on Wednesday firmly denied reports that it was in talks to sell the firm to domestic rivals Flipkart or Patym, after a leading newspaper reported the company was in talks with domestic rivals for a potential sale.
Mint had reported Snapdeal was in talks with Paytm E-Commerce Pvt Ltd and for a potential sale, quoting sources.
In a bid to turn profitable in the intensely competitive market, which is dominated by homegrown Flipkart and U.S. retail major Amazon, Snapdeal said last month that it would lay off 600 employees and its founders would forego their salaries.
Snapdeal reported a loss of 29.6 billion rupees ($14.93 million) in the financial year to March 31, 2016, according to regulatory filings. Indian e-commerce, which is one of the world’s fastest growing internet services market, has largely been driven by steep discounts, resulting in investor markdowns due to concerns about profitability.