Axis Bank Acquires Freecharge for Just Rs. 390 Crores29 July, 2017
As Flipkart is acquiring Snapdeal , a subsidiary of Snapdeal is being acquired by Axis Bank. Freecharge has been acquired by Axis Bank for just Rs. 390 crores($6.5 million). Snapdeal acquired Freecharge in 2015 for a whopping $400 million (Rs. 2400 crores). In just two year, Snapdeal is selling Freecharge 100 times lower than the amount they bought it, bought for $400 M(Rs. 2400 crore) and sold it for $6.5 M(Rs. 390 crores. Insane loss!
Freecharge was founded by Kunal Shah and Sandeep Tandon in 2010. Freecharge is an e-commerce website, it provides online facility to recharge any mobile, data card, DTH recharge, pay gas bill, electricity bill etc. Freecharge was acquired by Snapdeal on 8 April, 2015 for $400 million (Rs. 2400 crores). It was one of the biggest e-commerce acquisitions in India.
Freecharge got venture capital in many rounds of funding, it raised $33 million Series B funding from Sequoia Capital, Sofina and Ru-Net in 2014. Later in 2015, Freecharge raised $80 million from Tybourne Capital Management and Valiant Capital Management.
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