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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…

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