‘Kunal calling Kunal’ to ‘Kunal vs. Kunal’: A legal dispute remains from Snapdeal-Freecharge deal
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From left, Kunal Shah, founder and CEO, FreeCharge; Kunal Bahl, co-founder and CEO, Snapdeal.
Synopsis
Snapdeal's acquisition of Freecharge has a yet-to-be resolved legal matter, as revealed by its draft red-herring prospectus, ahead of the company's public listing. The dispute between Kunal Bahl and Kunal Shah over an RBI fine has snowballed into a legal dispute.
“We got the deal done in 22 days. It was simply Kunal calling Kunal.” That is how Snapdeal’s founder Kunal Bahl described the acquisition of Freecharge seven years ago. Freecharge, founded by Kunal Shah, was offering its online mobile recharge service to Snapdeal customers on the latter’s e-commerce site. Both founders decided to join forces and went into dealmaking, without involving any investment banker, as recounted by Bahl in an interview
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