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BoB in talks to acquire FreeCharge

FreeCharge, the digital payments company owned by eCommerce firm Snapdeal is for sale. News reports suggested Snapdeal is in talks with several bidders who are keen to acquire the mobile wallet platform. The bidders include Bank of Baroda and Times Internet, which is part of the media group Bennet, Coleman and Co. Another wallet company Paytm is also looking at FreeCharge. FreeCharge was established in 2010 by Kunal Shah of Accelyst Solutions. He sold the unit to Snapdeal in 2015 for $400 million. FreeCharge’s investors include Sequoia Capital, Sofina ruNet, Tandon Group, Tybourne Capital Management and InnoVen Capital. Earlier, there were reports that another wallet firm MobiKwik is in talks with Freecharge for a possible merger. Such a merger would create one of the largest wallet companies.

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