Mumbai, July 26: Snapdeal, the online marketplace, has accepted Flipkart's revised takeover offer of up to $950 million, providing heft to its bigger rival in a high-stakes battle with Amazon.

The board of Jasper Infotech, which runs Snapdeal, approved Flipkart's bid of $900-950 million last week.

Snapdeal will now seek the views of its shareholders, including Ratan Tata and PremjiInvest, on the proposed buyout deal.

The deal is almost through but there are a few areas of concern and the board wants to seek views and comments from the shareholders on the deal, sources aware of the developments said.

Snapdeal declined to comment, while Flipkart was not available for comment.

India's fledgling e-commerce sector is in the midst of a fierce war for supremacy between US online retail giant Amazon and leading home-grown player Flipkart at a time more and more Indians shop on the web, helped by a spurt in availability of cheap phones and data plans.

Japan's conglomerate SoftBank, Snapdeal's biggest investor, has been proactively mediating the sale for the past few months.

Snapdeal has a number of investors, including Ontario Teachers' Pension Plan, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock among others.

Interestingly, PremjiInvest - the personal investment arm of Wipro chairman Azim Premji -has already written to Snapdeal seeking greater clarity on the deal terms.

It has also called for equal treatment of shareholders for payouts from the deal.

According to reports, early investors in Snapdeal, Nexus Venture Partners (NVP) and Kalaari - who also have board representation - could receive payouts worth over $150 million once the deal with Flipkart is closed.

The latest development comes amid reports that the Snapdeal founders, Kunal Bahl and Rohit Bansal, are more keen on selling the company to listed e-commerce firm, Infibeam, or stay independent.

While there have been speculations that Infibeam has made an offer of $700-750 million to buy Snapdeal, the Ahmedabad-based firm has said that these reports are "purely speculative".

According to sources, the deal with Flipkart is likely to come through in the next few days. The Snapdeal board is now expected to meet next week. The Flipkart board will also meet later this week to discuss matters pertaining to the Snapdeal buyout.

Earlier this month, Flipkart had made a revised offer of about $900 million after its first offer of $800-850 million was rejected by the Snapdeal board. The company had rejected the offer saying it was significantly lower than its $1 billion valuation.

The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space.

Snapdeal, one of the leading contenders in the Indian e-commerce space, has seen its fortunes failing amid strong competition from Amazon and Flipkart.

Compared to a valuation of about $6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about $1 billion.

Freecharge fate

Axis Bank, the country's third largest private bank, is set to acquire Freecharge, the mobile transaction platform, for Rs 350-400 crore.

Snapdeal had acquired Freecharge in 2015 for $400 million which was then the largest deal in the start-up space. The buzz is that the transaction is likely to be announced tomorrow.