Snapdeal has acquired FreeCharge,Online mobile recharge platform

Snapdeal has acquired online mobile recharge platform FreeCharge in the largest buyout so far in the Indian consumer Internet sector as it arms itself with fresh ammunition to battle rivals for leadership in the online retail sector. The Delhi-based company did not disclose the financial terms of the transaction, but sources privy to the details said it paid over Rs 2,800 crore ($450 million) in cash and stock.

To announce the alliance, Snapdeal and FreeCharge innovatively took to Twitter and in a series of five tweets, Snapdeal proposed and FreeCharge accepted, with tens of their followers gleefully retweeting.


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