Snapdeal in talks to acquire online recharge provider FreeCharge
Online marketplace Snapdeal is reportedly in talks to buy online recharge service provider FreeCharge, reports Live Mint, citing two undisclosed sources familiar with the discussion. Although, the valuation of the deal is not known.
According to the report, online platform for recharge, which in February raised $80 million, largely from Tybourne Capital Management and Valiant Capital, has been in discussions with multiple companies for an acquisition.
“FreeCharge has been looking for a buyer for over a month now. They also spoke to Paytm for a potential deal,” one of the two people told Live Mint.
In September, FreeCharge raised $33 million from Sequoia Capital, Sofina and RuNet. Freecharge offers an advertising platform that captures online and offline purchase behavior and brand preferences of consumers, by offering incentives and coupons to users to transact on its platform. This ad platform caters to the needs of the Indian and other emerging markets.
Snapdeal.com, which raised in excess of $1 billion last year from investors including Japan’s SoftBank Group, is eyeing up to five acquisitions in the technology space this year, reported Live Mint last month.
Last year, the Delhi-based company announced five purchases, including that of Doozton, a social product-discovery technology platform; gifting recommendation technology platform Wishpicker.com; group buying site Grabbon.com; online sports goods retailer eSportsBuy.com and online marketplace for handicrafts Shopo.in.