In a latest development, Vani Kola, Kalaari Capital’s representative on the Snapdeal Board, has resigned from the board of Jasper InfoTech, the parent company of Snapdeal. This information is as per regulatory filings with the Ministry of Corporate Affairs.
Vani Kola was on the board of Snapdeal since September 2009 and resigned on May 2, 2017 from the post of Director. In a letter, Vani requested to be discharged of her duties with “immediate effect.” She wrote,
“I thank the Board not only for giving me the opportunity and assistance to discharge my duties during my tenure as a Director of the company but also for the invaluable learnings, which I gained from my interactions with my fellow Board members.”
With her exit, there is no representative from Kalaari on Snapdeal’s board. Other members of its Board include – Snapdeal founders Kunal Bahl and Rohit Bansal, Suvir Sujan of Nexus, Kabir Misra and Lydia Bly Jett of SoftBank Capital.
Till date, SoftBank has invested about USD 900 Mn and has a 30% stake (highest of all investors) in Snapdeal. Kalaari and Nexus hold 8% and 10% stakes, respectively. As per reports, Nexus Venture Partners is speculated to receive around USD 80-100 Mn, Kalaari Capital is expected to get around USD 70 -80 Mn, while the Snapdeal founders will get USD30 Mn each post their exit from the company.
Snapdeal was valued at around USD 6.5 Bn during its USD 200 Mn last year. Last week, the company agreed to sign a non-binding Letter of Intent (LoI) for the merger with Flipkart which will value Snapdeal at about USD 1 Bn. The deal is expected to get signed in the next five-seven days. Last week, investor SoftBank wrote off nearly USD 1.4 Bn in the combined Ola and Snapdeal valuation, for the quarter ending March 2017.