Freecharge now a part of Snapdeal
Snapdeal Acquires the recharge platform for approx $450 million
Freecharge’s official blog today read “Dear FreeChargers,
Today, I am excited to share that FreeCharge, India’s fastest growing mobile transactions platform, is joining forces with India’s largest online marketplace – Snapdeal and together we build the Most Impactful Digital Commerce Ecosystem in India. This is being recognized as one of the most significant acquisitions in the history of the internet industry in the country, making us together the Largest Mobile Commerce Company in India.”
“In just over 4 years, FreeCharge has not only garnered huge amount of brand love but also made mobile recharging and bill payments a very convenient and rewarding experience for more than 20 million users. Mobile transactions on FreeCharge app have grown by 60X in 2014 driven through 10+ Million App Downloads.
With over 85% of transactions coming from mobile, FreeCharge is truly a mobile-first brand. We are grateful for the love and trust you have reposed in us all these years. Below is a quick glimpse of the team that is all set to build one of the finest world class shopping experiences for you.”
“Special thanks to our stellar 200+ member team at FreeCharge for their relentless efforts in this journey and our visionary investors Sequoia, RuNet, Sofina, Valiant Capital Partners and Tybourne Capital Management who backed us all the way.
With this new partnership, we strive to delight you in more ways than ever. We look forward to your continued love and support. Here’s to the exciting times ahead.
Onwards & Upwards,
Kunal Shah”
Snapdeal had earlier acquired Exclusively.in in February, fashion discovery startup Doozton and Wishpicker in 2014. Rival Flipkart is also expected to acquire more companies in 2015, as it looks to clock $8 billion in gross merchandise value (total value of goods sold) this year.
