A leading online payment firm PayPal is in talks with freecharge team to acquire 25% stake as the report by Mint. The expecting amount of the acquisition may be around $200 million (approximately Rs 1,357 crore). Jasper Infotech Private Limited known as snapdeal owned FreeCharge.com.
Initially United States-based online payments company PayPal had made an offer for a 51% buyout. However, Snapdeal, which owns FreeCharge, is not too keen on selling a controlling stake.
As per recent scenario, Paypal looking to stand itself as a direct competitor of paytm to acquire the large number of Indian market share. After acquiring the stakes in Freecharge, Paypal can offer national and international payment through Freecharge app.
The talk is final stage, while PayPal has hired Goldman Sachs as an advisor, Jasper Infotech is being counselled by Deutsche Bank.