PAYTM has signed non-exclusive term sheet for the acquisition of the main rival Freecharge. Alibaba Group’s investor Petmey has signed a non-exclusive term sheet for the acquisition of the main rival Freecharge. FreeCharge is a digital payment platform, operated by Snapdeal. Also, this deal is likely to be in cash. With the aim of ending more than 8.5 million daily transactions on its platform and card transaction in the country, the company owned by Vijay Shekhar Sharma has taken another step further and on non-exclusive term sheet of FreeCarge Have signed.
However, much information has not been given about this agreement yet. According to the report of Economic Times, the deal could be between $45 million and $90 million. It is also being said that the PAYTM-freecharge deal has been decided in this month. According to one of the four sources in the report, “Freecharge had contacted Petty for this deal.” According to the report, this deal is likely to be in cash.
It is believed that PetiM is currently in the initial stages of getting a $ 1.9 billion fund from Softbank of Japan. Softbank recently invested a net loss of over 9,000 crores for the year 2016-17 by investing in Indian startups like Snapdeal and Ola. Softbank has been approved by co-investor Nexus Venture Partners (NVP) to sell India’s largest e-commerce firm Snapdeal.
Finally, Softbank has got Co-Investor Nexus Venture Partners (NVP) approval to sell Snapdeal to India’s largest e-commerce company, Flipkart. Sources told this information. Softbank, the largest shareholder in Snapdeal, got approval from the founders and kalari in the last month. However, NVP did not agree on the price suggested by the Japanese company and negotiations between them last over the past few weeks have been reached.
It is notable that Softbank had said that during the year 2016-17, he had a loss of 1 billion D. (Rs.6,500 crore) on his investment in Snapdeal. According to regulatory information, Softbank currently has more than 30 percent stake in Snapdeal, while about 10 percent of Nexus and 8 percent stake in Kalari’s company.