Snapdeal, the online marketplace player, has acquired the mobile transactions platform FreeCharge in a cash-and-stock deal put at around $400 million (Rs. 2400 Crore). With this, Snapdeal has become the largest mobile commerce firm in India offering over 1.1 crore items and services including financial services, mobile recharge and utility payments with a 4 crore user base.
FreeCharge, a leading m-commerce platform for mobile recharge, DTH and utility payments for major operators will continue as an independent platform. The combined entity represents the single largest mobile commerce company in India with over 1 million daily mobile transactions and 40 milion users across both platforms transacting on mobiles.
Snapdeal has grown by 500 per cent this year compared to the previous year and is hopeful of growing at the same rate in future. It raised $1 billion in fresh funding last year alone and has grown its team size to 5,200. Snapdeal has made many acquisitions including Exclusively.in, Doozton, Wishpicker and has also picked a major stake in RupeePower.com.