Snapdeal has acquired mobile recharge platform Freecharge in a deal that is billed as the largest Indian buy out so far in the consumer Internet space. The company did not disclose the deal size, which according to sources could be over $400 million in cash and stock.
"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.
Source: Snapdeal buys Freecharge in biggest startup M&A - The Economic Times
Snapdeal acquires FreeCharge | Business Line
Snapdeal pays up for a Freecharge! | Latest News & Updates at Daily News & Analysis
I think soon we will see only three major players exist in the online market; Flipkart, Snapdeal & Amazon