Snapdeal acquires FreeCharge

Thursday 9 April 2015 11:17 CET | News

Online marketplace Snapdeal has acquired online transaction service Freecharge.

The company did not disclose the financial terms, but claimed it as the largest acquisitions in the Indian consumer internet space, reports. This is the tenth acquisition of Snapdeal. The company has earlier acquired smaller companies like RupeePower, GoJavas, among others.

FreeCharge will continue to function as an independent platform and all aspects of FreeCharge’s shopping experience will remain intact. FreeCharge was founded in 2010 by Kunal Shah and Sandeep Tandon and has raised over USD 120 million in funding in the last 4 years. The company is backed by investors including Sequoia Capital, Ru Net, Sofina, Valiant Capital and Tyborne. FreeCharge is a service that rewards users with coupons when they top up their phone credit or pay utility bills. It claims more than 15 million users in India — it recently raised an USD 80 million Series C and counts Sequoia Capital among its investors.

Snapdeal is building an ecosystem that aims to power billions of digital commerce transactions in the country in the coming years. Via the partnership with FreeCharge, the company now provides its customers with access to the widest selection of products and services online, according to Kunal Bahl, Co-Founder & CEO of Snapdeal, cited by the same source.

Delhi-based Jasper Infotech which owns Snapdeal has partnered with several global investors and individuals such as SoftBank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others.

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Keywords: Snapdeal, FreeCharge, mobile recharge platform, ecommerce, India, online marketplace
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce