India’s largest online marketplace, Snapdeal has acquired FreeCharge, India’s fastest growing mobile transaction platform. This is one of the biggest acquisitions in the history of Internet industry in India and sets up Snapdeal to build the most impactful digital commerce ecosystem in India.
With this acquisition, Snapdeal becomes the largest mobile commerce company in India offering the widest range of products and services, including financial services, mobile recharge and utility payments with an exponentially growing user base of over 40 Million. FreeCharge is India’s leading mobile ecommerce platform where users can pay their mobile DTH and utility payments across most major operators.
Every day 75 Million mobile recharges are done in India by a section of India’s 800 Million mobile phone subscribers. FreeCharge offers a convenient and efficient solution applicable to hundreds of millions of consumers for paying utility bills, and especially doing mobile recharges, which often ends up being the first e-commerce transaction that a consumer does online given the ticket size and instant gratification.
FreeCharge will continue to function as an independent platform and all aspects of FreeCharge Shopping experience will remain intact. The companies will collaborate to offer a seamless shopping experience to customers across both the platforms offering an even wider range of products and services. Over the past six months, Snapdeal has acquired Exclusively.in, Doozton, and Wishpicker. Snapdeal also picked up a majority stake in digital financial services platform RupeePower.com.