Amazon an online e-commerce giant bids for FreeCharge, the digital wallet platform owned by Snapdeal, a development that comes at a time when FreeCharge also planning to sell its stake to Axis Bank and telecom operator Bharti Airtels mobile wallet Airtel Money.
According to two sources aware of the development, Amazons bid is in the range of $70-$80 million, with a term sheet signed by the Seattle-headquartered e-commerce behemsoth and Jasper Infotech, owns both Snapdeal and FreeCharge.
Amazon offers $70-$80 million after taking in account Axis Bank offer, the countrys third-largest private sector lender, emerged as one of the frontrunners to acquire FreeCharge for about $60-$65 million and rival Paytm to offer $10 for FreeCharge, ET reports.
This successful sale of FreeCharge will provide much-needed cash to the Snapdeal, giving it a critical platform to run for a few more months and allowing itself to survive as a potentially standalone business.
According to the sources of ET, if successful in its endeavour to acquire FreeCharge, Amazon will most likely roll FreeCharge into its existing payments entity, Amazon Pay. The information is not yet confirmed but contains high chances that Amazon goes for Amazon Pay after acquiring FreeCharge, as per the reports from ET.