Amazon to offer $70-$80 million for acquiring FreeCharge

 

Online ecommerce giant Amazon has made a late bid for FreeCharge, the digital payments platform owned by ecommerce marketplace Snapdeal, a development that comes at a time when the Gurgaon-based company is also in discussions to sell its payments unit to Axis Bank and telecom operator Bharti Airtel’s mobile wallet Airtel Money.

According to sources from the Internet, aware of the development, Amazon’s bid is in the range of $70-$80 million (Rs 466 crore- Rs 532 crore), with a term sheet signed by the Seattle-headquartered ecommerce behemoth and Jasper Infotech, which owns and operates both Snapdeal and Free-Charge.
The latest set of developments comes a little over two weeks after Axis Bank, the country’s third-largest private sector lender, emerged as one of the frontrunners to acquire FreeCharge for about $60-$65 million, as reported by ET in its edition dated July 8. Rival Paytm has also held talks to acquire FreeCharge, and has made a bid of $10 million, ET had reported.

 

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