FreeCharge On The Verge Of Merging With MobiKwik
MobiKwik and FreeCharge which are currently India’s leading digital e-wallet companies agree for a merger. However, the news is not finally confirmed whether FreeCharge would merge with MobiKwik. The new merged entity would get a consolidated top- up of $200 million (Rs.1,300 Crores) from a potential Chinese firm.
The interesting part about both the digital e- wallet companies is that both of the company’s highest investor is Sequoia Capital. FreeCharge which is owned by Snapdeal has been in the talks to be sold to the Chinese and US investors. PayPal showed a great interest towards purchasing FreeCharge.
Currently, MobiKwik is making some strategic decisions and looking to expand as a company in 13 new offices in India. As the offices of Mobikwik are expanding so are the employees too with the current expansion, the MobiKwik company is hiring around 1,000 employees as a part of their employment strategy. As per an online report by the Business Standard, both FreeCharge and MobiKwik would be a worth $1 billion after the merger. There were rumours about Paytm looking to acquire FreeCharge but it only was a rumour.
Mobikwik had invested a huge Rs.300 crore investment for expanding their office, marketing and technology. The main aim of such a massive investment is to increase the user base to 150 million users from its current user base of 50 million customers.
Currently, Paytm is the biggest E-commerce setup in India with more than 200 million users purchasing through Paytm website/app. In other news, interestingly there are chances of Flipkart acquiring Snapdeal.