Snapdeal acquires FreeCharge

Online marketplace Snapdeal on 8 April 2015 acquired India’s fastest growing mobile transaction platform FreeCharge.
With this acquisition, Snapdeal has become India’s largest mobile commerce firm with 40 million users and the largest mobile transactions base for any company.
Now Snapdeal can offer wide range of services and products including financial services, mobile recharge and utility payments to its growing user base.

About FreeCharge

• FreeCharge is a mobile commerce platform where users can recharge any prepaid mobile phone, postpaid mobile, DTH & Data Cards in India.
• Founded in 2010 by Kunal Shah and Sandeep Tandon.
• It is headquartered in Mumbai, Maharashtra.
• Since 2011, it had raised over $120 million in financing backed by top tier institutional investors.

About Snapdeal

• Snapdeal was started in February 2010.
• It was founded by Kunal Bahl and Rohit Bansal, an alumnus of IIT Delhi.
• Since its formation Snapdeal has grown to become the largest online marketplace in India.
• At present it offers an assortment of 4 million+ products across diverse categories from over 50,000 sellers, shipping to 4,000 towns and cities in India.

Month: Current Affairs - April, 2015