Quickdel Logistics, 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.
Snapdeal stole confidential business information such as data on employees and service vendors, The Times of India reported quoting Anand Rai, who had acquired Snapdeal’s stake in GoJavas and merged it with his Pigeon Express.
Snapdeal held a 49% stake in GoJavas and the founders of the company had sold it to Rai in a fire sale in August 2016.
“I have sent them a legal notice worth Rs 300 crore for criminal breach of trust against GoJavas which resulted in erosion of value of Quickdel,” Rai told the newspaper.
In the notice, Rai has accused Snapdeal and its founders of criminal breach of trust and siphoning off money from GoJavas to Vulcan Express, the in-house logistics firm of Snapdeal.
Quickdel’s notice comes after Jasper Infotech filed a case with the Delhi Police against former promoters of Quickdel Logistics Praveen Sinha, Randhir Singh and Ashish Chaudhary as well as Abhijeet Singh, who was previously executive director of the firm.
Jasper Infotech had accused Sinha, Chaudhary, Randhir Singh and Abhijeet Singh of cheating, forgery, conspiracy, criminal breach of trust and criminal misappropriation of funds.
Snapdeal had first invested in GoJavas in March 2015. It had not disclosed the investment amount, which was reported to be around Rs 120 crore, but had said it picked up a minority stake in the logistics firm. Later in the year, it invested $20 million (Rs 131 crore then) more in the logistics firm.
GoJavas was initially the in-house logistics service provider for online fashion retailer Jabong. In 2013, it was spun off from Jabong as an independent third-party logistics firm.
VCCircle had first reported in August last year that Pigeon Express was likely to take over GoJavas.
Founded in 2004, Pigeon Express is a logistics service provider with 135 delivery centres across India and works with the country’s leading e-commerce companies.
Like this report? Sign up for our daily newsletter to get our top reports.