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Tagged as promoter of Snapdeal-backed Unicommerce eSolutions, SoftBank seeks indemnity rights from Kunal Bahl, Rohit Bansal

Money Control · 1y

Market regulator SEBI has designated SoftBank as the promoter of Unicommerce eSolutions, a SaaS company backed by Snapdeal. In response, SoftBank has entered into an indemnity agreement with Snapdeal's founders, Kunal Bahl and Rohit Bansal, to protect itself and its executives from any liabilities arising from being classified as a promoter. Unicommerce has identified AceVector Limited, Starfish I Pte. Ltd (a SoftBank entity), and Kunal Bahl and Rohit Bansal as its promoters. This move reflects SEBI's increased scrutiny on promoters and promoter groups of IPO-bound companies, which has prompted more indemnity agreements between investors and founders.