Softbank, which holds a dominant 33% stake in the New Delhi based Snapdeal mooted the plan at a meeting in the city attended by all the major stakeholders in the company. Kalaari Capital and Nexus Venture Partners own about 8% and 10% respectively in the company founded by Kunal Bahl and Rohit Bansal.
The two co-founders together own about 6.5% of the company, which at its peak, was valued at about $6.5 billion. Kalaari, which has invested about $27.5 million in Jasper, earned handsome returns estimated at about $100 million when it sold a portion of its stake to SoftBank in late 2014. Nexus Venture Partners, which has invested $40 million-$50 million in the company, has not sold any of its stake.
Governance rights for SoftBank have also been discussed as part of the deal. The decision to offload Snapdeal from its books is possibly due to a combination of a change in its investment strategy aimed at consolidating its investments in India.