Snapdeal has bought Freecharge, a mobile recharge platform in a deal signed with the company. The company, however, has not disclosed the deal size. But if the industry sources are to be believed the deal is one of the biggest by Snapdeal till date and is around $400 million in cash and stock.
Snapdeal is fiercely competing in the online market place with biggies such as Flipkart, Amazon and others. It has realized the potential of the eCommerce in the country and so wants to stay ahead of the others. This is the reason the company is continuously adding new services and portfolios to its overall lineup.
Headed by Kunal Bahl, CEO, Snapdeal, the company is aggressively looking at more acquisitions in the Indian market.
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