Looks like India eCommerce Industry is heading towards a new level of competition. According to industry sources, Indian’s second largest eCommerce player Snapdeal has acquired online mobile recharge firm FreeCharge for an undisclosed amount. As the rumors about the possible acquisition were making rounds over the internet for the last one month, sources have confirmed that SnapDeal has paid somewhere between $400 million and $500 million to acquire FreeCharge.
.@FreeCharge Erm actually, it's a #DilKiDeal 😉 pic.twitter.com/xMwVorC3Qe
— Snapdeal (@snapdeal) April 8, 2015
“Toghether we represent the largest m-commerce company in the country now,” said Kunal Bahl, CEO &Co-founder of Snapdeal
Launched in August, 2014, FreeCharge has raised nearly $116 million in total from various investors.
Watch out for more details!
They also required a good wallet management system like the recharge websites for growing ecommerce market.