'Sold our payments & logistics businesses for less than what they were worth': Snapdeal

10:20:00 PM, Tuesday 5th of November 2019 | in business

Snapdeal had sold off its non-core businesses quickly a few years ago. CEO Kunal Bahl has accepted now that those were distress sales. It sold FreeCharge for $60 Mn to Axis Bank in 2017, sold Unicommerce in 2018 to Infibeam for Rs 120 crore & Vulcan Express to Future group for just Rs 35 crore. Bahl says they outsourced their logistics to other tech firms, use 3rd-party payment systems & focused on building their marketplace.