Online marketplace Snapdeal on 8th April, 2015 had acquired mobile recharge platform Freecharge.
Image: Company Website
Snapdeal is an online marketplace founded in February 2010. Snapdeal is promoted by Jasper Infotech Pvt. Limited – a marketing solution firm in consumer products, financial services, technology and telecom, consumer durables, and retail industries. SoftBank is the largest investor in Snapdeal with investments worth $627 million in October 2014. FreeCharge.in is an e-commerce website headquartered in Mumbai, Maharashtra founded in 2010. It is concerned with providing online facility to recharge any prepaid mobile phone, postpaid mobile, DTH & Data Cards. Snapdeal is currently backed by investors like Sequoia Capital, Ru Net etc. Also, FreeCharge offers free coupons of various kinds with every recharge.
FreeCharge will give Snapdeal an access to a younger audience as it is quite popular with the customers between the age of 16-24 years because the segment tends to use recharge their pre-paid packages with a small amount. Post acquisition, Snapdeal and FreeCharge would be able to carry-out cross-selling of their services. The customers will have access to the widest selection of products and services online.
Price of the deal: Rs 2880 Crore
1. Searched for all the online acquisitions of 2015 in India from various websites till August. Narrowed the research to include only the cloud based services, IT services, social media, ecommerce acquisitions.
2. Ranking done on the basis of the price of the deal.