PayPal to buy stake in Snapdeal owned FreeCharge?


Rejecting reports that worldwide payment platform PayPal is set to purchase a 25% stake in homegrown e-wallet FreeCharge, an organization representative has denied any such advancement.

Recently Media reports had asserted that PayPal is relied upon to take a huge stake in FreeCharge for around $200 million.

“There is no basis to a speculative media story about FreeCharge and PayPal being in a discussion about a stake sale. There is no such discussion/proposal and the story is completely incorrect,” as per statement by FreeCharge Representative

With the Declaration of demonetisation, the wallet heaps of Snapdeal-possessed mobile transactions platform e FreeCharge grew 12 times in the initial 24 hours of the announcement and has been expanding by a similar average from that point of time.

This was confirmed by Snapdeal co-founder and CEO Kunal Bahl through a statement “Within the first 24 hours, wallet loads grew by 12x versus the 30 days average before.The number of individuals downloading the Freecharge application, enlistments for the mobile wallet, exchanges on the third party sellear – are all developing by 10-15 times on an everyday normal premise”

Established in 2010, FreeCharge was acquired by Snapdeal in April a year ago for almost $450 million.

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Madhurima Goyal, From ITvoir News Desk