GoJavas slaps Rs 300 crore notice to snapdeal. The parent of E-Commerce focussed logistics firm GoJavas has sent a Rs 300 crore around $45.9 million legal notice to Snapdeal founders Kunal Bahl and Rohit Bansal, and Jasper Infotech, which runs the online marketplace, according to a media report.
GoJavas raised funding from Snapdeal in the past and the latter also owned 49% stake in the logistics company. Anand then bought that stake in a fire sale and merged it with his logistics business Pigeon Express. The complaint said Snapdeal was induced to buy shares in Quickdel.
The timing of Snapdeal’s complaint was interesting, coming as it did when it was in the middle of merger talks with rival Flipkart. Jasper Infotech had accused Sinha, Chaudhary, Randhir Singh and Abhijeet Singh of cheating, forgery, conspiracy, criminal breach of trust and criminal misappropriation of funds.
The audit revealed that investors were not told about the formation of a logistics unit, GoJavas, as a separate firm and that it was raising funds from Snapdeal. Rocket did not press any charges following this audit. The Snapdeal spokesperson who told TOI that the allegations were baseless, added that it is in direct contradiction of the Release and Settlement Agreement executed by Rai and Quickdel on March 31.
Once described as Snapdeal’s crown jewel by its chief executive Kunal Bahl, parent Jasper Infotech was eyeing a valuation of close to $1 billion for FreeCharge, however, the reversal in the fortunes of Snapdeal had a drastic effect on the company which saw its volume and value of transactions fall sharply in recent months.