Ecommerce major Snapdeal in an attempt to gain edge in mobile segments has acquired Freecharge, India’s premium mobile recharge platform. The deal however not disclosed completely is anticipated somewhere between $400M and $500M in cash and stock.
This is by far the largest acquisition deal done by Delhi based Snapdeal which brings it in ivy of other players like Flipkart and Amazon who have done such large deals in past.
Freecharge has a transaction base of more than $1M per day on its platform and has received $80M in a Series C funding this year. Freecharge has been in constant marketing and was giving deep offers to buyers on its platform. Snapdeal could use this platform as a digital wallet for Snapdeal and also use the mobile recharge technology to add a new sector to the ecommerce website.
This is second major acquisition by Snapdeal in this year. Snapdeal had acquired Exclusively.in in this February and fashion discovery startup Wishpicker and Doozton in last year.