Snapdeal is said to be in talks with existing as well as new investors to raise a funding of about $300 million (Rs. 2,000 Cr) to strengthen FreeCharge.
The news about this fundraising exercise came not more than three months after Snapdeal raised $500 million from three premium investors Alibaba, Foxconn and SoftBank.
It is speculated that Snapdeal is in discussion with existing investors such as SoftBank and Foxconn, while Alibaba is not expected to participate in the proposed fundraising. Owing to the attractiveness of India’s digital goods and services space, two sovereign funds are also running to participate in this upcoming funding round.
Snapdeal, the online marketplace operated by Jasper Infotech acquired FreeCharge as a part of its ambitious bid to create a comprehensive ecosystem of goods and services. This buy-out was considered to be the most prevalent in the Indian start-up space. The CEO of this giant ecommerce Mr. Bahl expects the firm to become the largest e-tail provider across the nation by outshining its rivals Flipkart and Amazon India.
FreeCharge and Snapdeal collectively have a whooping 8.2 million unique daily users, over 20 million stored cards as well as a combined gross merchandise value of over $4 billion.
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