wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm signs term sheet to acquire rival Freecharge: reports

Paytm has reportedly signed a non-exclusive term sheet to acquire rival wallet player FreeCharge in an all-cash deal from Snapdeal, reports the Economic Times. The publication added that Paytm will be conducting its due diligence next week and if the deal goes through, the deal size was pegged at $45 million to $90 million. Note FreeCharge that was acquired by Snapdeal for $450 million in 2015 and at the time was one of the largest deals in the consumer Internet space in India. Note that MediaNama has not been able to independently confirm this development. Calls and emails to FreeCharge and Paytm were unanswered at the time of publishing, and we've written to them for comment. We will update once we hear from them. Currently, Snapdeal is in advanced talks to sell itself to its e-commerce rival Flipkart and the sale of FreeCharge will ease some of the pressures. Its biggest shareholder, SoftBank, is leading negotiations for the sale and reports indicate that the deal could be valued at $750 million. In February, Jason Kothari was appointed CEO of Freecharge, replacing Govind Rajan, in addition to his role as Chief Strategy Officer at Snapdeal. Kothari is seen as a Softbank appointee at the struggling ecommerce company, and he has played that role before: he was previously the CEO of another Softbank backed company, Housing.com, for over a year, and left around the same time that Housing was merged with Proptiger. Rajan had quit last Freecharge last month, after taking over as CEO from Freecharge co-founder Kunal Shah, in…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ