Snapdeal Acquires Freecharge To Bolster Its Presence On Mobile

E-commerce marketplace Snapdeal has acquired mobile transaction platform Freecharge to boost its presence in the booming Indian mobile commerce space.
Snapdeal Freecharge
While the terms of the deal have not been disclosed, earlier reports have valued it at around $450 million in both cash and stock.
Freecharge registers transactions worth more than $1 million on its platform daily, 85% of which is done on mobile.
The company had raised $80 million in Series C led by Valiant Capital and Tybourne Capital in February this year.
Freecharge is the latest in the line of acquisitions made by Snapdeal, which is looking to bolster its product offering and technology to take on Flipkart and
Post acquisition, Freecharge will continue functioning as an independent platform, with Snapdeal CEO Kunal Bhal claiming that Snapdeal+Freecharge is now the largest mobile commerce player in India.

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