Online marketplace, Snapdeal has acquired mobile recharge website FreeCharge.
The monetary details of the acquisition have not been disclosed but Snapdeal claims the deal is one of the biggest acquisitions in the history of the internet industry in India.
According to a press statement from the company, FreeCharge will continue to function as an independent platform and all aspects of FreeCharge’s shopping experience will remain intact. Snapdeal and FreeCharge will collaborate to offer a seamless shopping experience to customers across both the platforms, it adds.
Together we represent the largest m-commerce company in the country now,” said Kunal Bahl, CEO & Co-founder of Snapdeal.
ET had reported that the ecommerce major is in advanced talks to buy online mobile recharge platform Freecharge for $450 million (Rs 2,800 crore) on March 12. The deal is larger than Flipkart’s $300 million acquisition of its smaller rival Myntra in May last year.
Close to $116 million from investors including San Francisco-based head fund Valiant Capita ..
Indian ecommerce sector has seen over $2 billion in investment in 2014 as it looks fend off Amazon’s entry into the market and corner a share of the $600 billion retail industry. Growing middle class income and urbanization is expected to push the retail industry to a size of $1 trillion by 2020, according to a report by Boston Consulting Group and Retailers Association of India in February. By then, the ecommerce is expected to be over $60 billion in size.