Indian online marketplace Snapdeal has accepted Flipkart's revised takeover offer of up to $950 million, two sources said on Wednesday, providing heft to its bigger rival in a high-stakes battle with Amazon.com Inc.
Some of India's biggest retailers announced price cuts on Saturday as Asia's third-largest economy switched to a new nationwide sales tax at the stroke of midnight, replacing a host of provincial and national levies.
Indian online retailer Snapdeal has filed a police complaint against a local logistics company, in which it owns a stake, of defrauding it of 3.57 billion rupees ($55.37 million), a police report showed.
After ploughing about $2 billion into minority stakes in Indian e-commerce businesses over the past few years, SoftBank is looking to play consolidator and take a more active role at a trio of leading start-ups.
India's top e-commerce firm Flipkart has raised $1.4 billion in its biggest fundraising to date as it takes on U.S. tech giant Amazon.com Inc for a larger share of the country's burgeoning online retail market.