Snapdeal scooped up the popular m-commerce company FreeCharge, which is estimated to be the biggest ecomm M&A by far.
Following acquisition rumours since last month, Snapdeal scooped up the popular mobile recharge and m-commerce company FreeCharge. The companies have not disclosed the worth of the deal but it is estimated to be around $450 million (Rs. 2,800 crore approximately). This would make it the largest acquisition by an Indian company.
FreeCharge will still function as an independent platform. The companies will collaborate to offer a seamless shopping experience to customers across both the platform offering even a wider range of products and services.
With this game changing partnership with FreeCharge, Kunal Bahl, Co-Founder & CEO, Snapdeal, believes that this acquisition will enhance our user base will offer our customers access to the widest selection of products and online services. We are thrilled to have the very talented and supercharged team of FreeCharge and look forward towards creating a life changing experience for buyers and sellers in our country.
Besides,FreeCharge claims to have over 20 million users, has garnered over 10 million app downloads in 2014 alone and more than 85% of its transactions happens over the mobile phones. Snapdeal expect to have over 1 million daily transactions after this acquisition.
FreeCharge recently raised $80 million in Series C round of funding led by Hong Kong-based Tybourne Capital Management and San Francisco-based Valiant Capital Management firms.
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