India's ecommerce giant Snapdeal acquires Freecharge

April 8, 2015: India's one of the leading ecommerce giant Snapdeal has reportedly acquired a online mobile recharging platform Freecharge. This latest acquisition by the company is believed to be a strategic move to strengthen it's online retail presence. The acquisition figures has not been officially disclosed yet but sources privy to details suggest it could be around $450 million in cash and stock.
                        
Snapdeal CEO Kunal Bal explains his reason behind his company's acquisition: "We want to target the new tsunami of users who are going to come on to the Internet. This (acquisition) improves our ability to acquire users at a significant ability at a very low cost."

The negotiation between the two companies lasted about a month before closing a deal. "Together we represent the largest mobile commerce company in the country now," said Bahl.

FreeCharge, founded in 2010 is an ecommerce website company based in Mumbai and it offers online facility to recharge any prepaid and postpaid mobile, DTH and data cards in India.

Source: Ecnomictimes.com, Image by Yourstory.com
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About Mohammed Rizwan

An Electronics Engineer by education, a part-time blogger by passion. He loves everything about technology, hence he writes about it. Interest includes Technology, Startups and Mobile Applications.
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