Snapdeal has acquired mobile recharge platform Freecharge in a deal that is billed as the largest Indian buy out so far in the consumer Internet space. The company did not disclose the deal size, which according to sources could be over $400 million in cash and stock.
Snapdeal co-founder and CEO Kunal Bahl has confirmed that the e-commerce marketplace has acquired online recharge and couponing site Freecharge. He also claimed that together, they are now the largest m-commerce company in India. The value and terms of the deal haven’t been disclosed, but the deal was pegged at a value of about $450 million (Rs 2,800 crore), which will make it the biggest such deal in the Indian consumer internet industry, eclipsing Flipkart’s acquisition of Myntra for about $330 million.
FreeCharge will continue to function as an independent platform and all aspects of FreeCharge’s shopping experience will remain intact. The companies will collaborate to offer a seamless shopping experience to customers across both the platforms offering an even wider range of products and services.
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