India’s popular e-commerce platform Snapdeal has acquired mobile recharge startup Freecharge. Terms and deals were not disclosed but it was reported that deal valued at around $450 million in both cash and stock. After this deal, Freecharge will still work as separate entity.
Freecharge is a popular mobile recharge startup which claims to record $1 million in daily transaction in which 85% come from mobile app. Freecharge was Launched in August, 2014. It has raised nearly $116 million in total from various investors in past.
“Together we represent the largest m-commerce company in the country now,” said Kunal Bahl, CEO & Co-founder of Snapdeal.
This deal was in rumours over the internet for the last one month.
Snapdeal tweeted this tweet to confirm the deal:
.@snapdeal + @FreeCharge = India’s largest m-commerce company. Read more: http://t.co/UKkna3oenT pic.twitter.com/ZDwKsDGJQJ
— Snapdeal.com (@snapdeal) April 8, 2015
