India’s largest online shopping platform Flipkart today won a $1 billion bid for the assets of its parent company.
In a statement, Flipkarn said it was delighted with the decision.
The deal will help the company strengthen its business, said the company.
It will help in further growth of its businesses in India and abroad.
Flipkard announced its acquisition of the remaining equity stake of Flipkarts parent company Snapdeal in January 2017.
In April 2017, FlipKart and Snapdeal launched the Snapdeal Cashless Payments platform, which allows consumers to make payments online through a mobile app.
The deal is expected to close by the end of the month.