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Snapdeal acquires Freecharge

Deepanker Verma April 8, 2015 startup

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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

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About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.