In a statement, the SoftBank Group said: “We respect the decision to pursue an independent strategy. We look forward to the results of the Snapdeal 2.0 strategy, and to remaining invested in the vibrant Indian e-commerce space”.



Snapdeal's largest investor, SoftBank, has been proactively mediating in the talks for sale for the past few months. The deal, however, had not found backing from Snapdeal founders Kunal Bahl and Rohit Bansal.

The latest developments come within days of Snapdeal agreeing to sell its digital payment platform, FreeCharge, to Axis Bank for Rs 385 crore.

One of the sources said if the decision to continue as an independent entity is accepted, it could see Snapdeal reducing its workforce significantly and scaling down operations.