Early investors support Snapdeal’s decision, back it to go independent

Snapdeal has found support from its early investors such as Nexus Venture Partners, SoftBank, etc, backing its decision to go solo.

Snapdeal terminated its merger plans with Flipkart and put its foot down to function as an independent entity.

Following the decision, Snapdeal’s early investor Nexus Venture Partners said it would "continue to partner with the company, to help achieve its goals".

"Nexus, as a long-term Snapdeal shareholder, fully supports the Snapdeal 2.0 journey," said the firm. Nexus holds nearly 10-11% stake in Snapdeal.

SoftBank, which was pushing Snapdeal to merge with Flipkart, too, backed Snapdeal's decision to go solo.

However, some of the investors were upset over Snapdeal’s decisions, such as Kalaari Capital.

“I maintain my stand that the decision to terminate the deal was not supported by Kalaari and also reiterate that the deal was called off without prior notice to us," Vani Kola, managing director at Kalaari Capital, said in an email response to ET.