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Snapdeal, FreeCharge in Mega-Merger

Between ecommerce marketplace Snapdeal and mobile top-up site FreeCharge, there are 40 million mobile transactors. And their apps have been downloaded by 30 million users across India. Kunal Bahl, co-founder of Snapdeal, hopes to add another zero at the tail of both those numbers in three to four years. These are the numbers he gave out at a press conference in Bangalore today to announce possibly the biggest acquisition in the digital history of India. The number that he did not disclose was how much Snapdeal paid for FreeCharge, one of India’s hottest mobile startups which raised US$80 million just two months ago. All that Bahl would say is that the majority of the deal was in stocks. “That the FreeCharge shareholders and investors chose to take stocks and continue in the company shows they like the partnership,” Bahl said.

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