Mobile wallet firm FreeCharge plans to merge with competitor MobiKwik in an all-stock deal, according to a Business Standard report citing sources close to the companies. Silicon Valley venture capital firm Sequoia Capital (Cisco, Yahoo!, Instagram, etc.) is an investor in both companies.
The merged entity is likely to get an investment of $200 million from a Chinese investor who is looking to make an entry into the country, said the report.
The report further said that there ares some banks too which have indicated that they would be interested to invest in a merged entity. The talks are currently at the initial stage.
It was also reported that PayPal was initially interested in investing a sizable amount into FreeCharge but the deal could not be closed.
If FreeCharge and MobiKwik are merged, the new entity is estimated to be worth around $700 million to $1 billion. Both the firms are worth $300 million each.
Full Content: Business Standard
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC to Approve Exxon’s $64 Billion Deal with Pioneer Resources, Excludes
May 1, 2024 by
CPI
UK Competition Watchdog Raises Alarm Over Nvidia’s ARM Takeover
May 1, 2024 by
CPI
Sen. Klobuchar Urges Regulators to Probe Collusion in Health Care Pricing
May 1, 2024 by
CPI
Multiple States Join Tennessee’s Antitrust Lawsuit Against NCAA Over NIL Rules
May 1, 2024 by
CPI
NY AG Joins Suit Challenging NCAA’s Restrictions on Student Athlete NIL Rights
May 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI