Term-sheet for Flipkart's Snapdeal acquisition signed

The process of selling Snapdeal to Flipkart has started

The process of selling marketplace e-commerce company Snapdeal to Flipkart has started.

According to sources close to the deal, three months after SoftBank, the e-commerce player’s largest investor, floated the idea before the Snapdeal board, Flipkart, the Bengaluru-based marketplace major, started the process of due diligence last week.

While the term-sheet was not signed last week, sources said the process of due diligence was given the go-ahead after Snapdeal’s board of directors agreed unanimously to Japanese telecom major’s proposal to sell the beleaguered e-commerce player.

“Once the due diligence started, signing the non-binding term-sheet was nothing more than a formality. It was, however,