India's leading online shopping site Flipkart considered selling itself to main rival Amazon in the last quarter of 2015, says report.
Zee Media Bureau
New Delhi: India's leading online shopping site Flipkart considered selling itself to main rival Amazon in the last quarter of 2015, says report.
According to the Economic Times, half a dozen sources told the leading news daily of a discussion between the two e-commerce companies.
The report further claims that sources informed the daily that Amazon made a preliminary offer of up to $8 billion to acquire Flipkart.
Flipkart has, however, denied all reports to selling itself to its rival.
Binny Bansal, the chief executive officer of the Bengaluru-based company, said in a statement that the reports were all false and baseless.
"All rumours of potential sale and down rounds are false and baseless," said Bansal, who took over as CEO in January. "Flipkart continues to be the market leader in India and we are in this business for the long haul."
He succeeded cofounder Sachin Bansal as the CEO who is now the executive chairman of the company.