Challenging time: Bruised by intensifying competition with bigger rivals Flipkart and Amazon, Snapdeal laid off 600 employees and its founders are foregoing salaries.
HONG KONG/MUMBAI: Indian online retailer Snapdeal is seeking investment to shore up its finances after unsuccessful talks with Chinese funds and Alibaba Group Holding Ltd as it battles to remain competitive, sources with direct knowledge of the matter said.
Faced with the prospect of falling cash reserves and little interest from existing investors such as Japan's Softbank and US hedge funds, Snapdeal is now increasingly being seen as an acquisition target, they said.
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