Thu. Mar 28th, 2024
freecharge

Amid the talks of a possible acquisition, Freecharge has secured additional ₹22 crores from Jasper Infotech, the company which owns Snapdeal and Freecharge.

The information was revealed from the documents filed with Registrar of Companies. According to it, Freecharge has given 2.2 crore additional equity shares to Jasper Infotech at ₹10 per share. This decision was taken in a board meeting which took place on 28th April 2017.

This is also being looked at as a strategic move by the owner company, which has increased its stake in Freecharge just when the acquisition talks continue to make news every single day.

Freecharge was founded by Kunal Shah and Sandeep Tandon in 2010. In April 2015, Snapdeal acquired Freecharge for close to $450 million. However, off late, there have been reports of Snapdeal trying to sell Freecharge. Various rumours have indicated that Freecharge might be merged with MobiQuik or be acquired by Paytm. The tipped numbers suggest that it will be acquired for a sum of anything between ₹90 crores – ₹120 crores ($150 – $200 Million).

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.