Around the Net
Deal Creates Largest Mobile Commerce Company
- Forbes, Monday, April 13, 2015 9:40 AM
Online marketplace company Snapdeal has acquired a Bangalore mobile recharge service, Freecharge, on Wednesday in a stock plus cash deal. This makes Snapdeal the largest mobile commerce company in the country. News reports estimate the deal at $400 million, though both companies refused to comment on the valuation. Already, 75 percent of Snapdeal’s orders – for everything from books to clothes to shoes – are made by customers through their cell phones. The company expects it to go up to 85 percent this year.
