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2015-03-12

Snapdeal may buy mobile recharge platform Freecharge

The two companies have signed off on the deal. It will be a combination of about 40 per cent cash and the (balance) in stock.

Leading e-tailer Snapdeal is in talks to buy online mobile recharge platform Freecharge for $450 million (Rs 2,800 crore), which will be the fifth acquisition of the firm, according to an Economic Times report. Snapdeal so far has acquired five companies.

Snapdeal has been aggressively on acquisition spree since last month as it acquired fashion portal Exclusively to capture rapidly growing luxury market. This move was a part of a strategy to further strengthen its fashion business and reaching $2 billion in GMV in the fashion category this year.

"The two companies have signed off on the deal. It will be a combination of about 40 per cent cash and the (balance) in stock," said an official to ET.

FreeCharge is an online mobile recharge site which provides prepaid mobile recharge for almost all Indian telecom service providers including Vodafone, Airtel, Loop, Reliance, Idea, DOCOMO, Tata Indicom, S-Tel, Aircel, BSNL and more. The firm is backed by Sequoia Capital and hedge funds Valiant Capital and Hong Kong-based Tybourne Capital Management.

Last month, Freecharge raised $80 million in series C funding from Hong Kong-based fund Tybourne Capital Management and SF-based fund Valiant Capital Management. Existing investors Sequoia Capital, along with Sofina and RuNet also participated in the round. Moreover, Freecharge raised $33 million Series B funding from Sequoia Capital.

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