“Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 cr, subject to shareholders’ approval.”
Ahmedabad-based Infibeam Incorporation, India’s first listed ecommerce player, is acquiring Snapdeal’s wholly owned subsidiary Unicommerce, a cloud-based inventory management company. It’s a non-cash deal and the deal size is upto Rs 120 crore, where Infibeam will issue optional convertibles preferential shares to Snapdeal.
Infibeam has entered into an agreement with Snapdeal to acquire 100 percent stake in Unicommerce, a cloud-based inventory management company, in a deal worth Rs 120 crore.
“Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 crore, subject to shareholders’ approval,” Infibeam said in a statement.
“Unicommerce is a valuable addition to the Infibeam family. Through Unicommerce, we plan to boost e-commerce enablement capabilities and expand the product offerings for existing clients. Unicommerce fits perfectly with Infibeam’s vision of creating India’s largest e-commerce enablement and payments ecosystem for businesses, including web-front, web domain, logistics and payment solutions,” said Vishal Mehta, Managing Director, Infibeam Incorporation Limited.
As a part of this Snapdeal 2.0 plan, it has sold its payment services unit Freecharge to Axis Bank for Rs 385 crore, while its logistics arm — Vulcan Express — was acquired by Kishore Biyani’s Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.