Search
Axis Bank to Acquire FreeCharge for Rs. 385 cr
July 31, 2017
Private lender Axis Bank has announced that it will buy Snapdeal’s mobile payments provider FreeCharge for Rs. 385 crore($60million).
Axis Bank’s finance chief Jairam Sridharan said that the acquisition will double its customers and give a big boost to its digital journey. The bank is expecting the regulatory clearances to the deal in 8 weeks after which it may merge the wallet segments of the two businesses.
It’s worth noting that in 2015 FreeCharge was bought by Snapdeal for Rs. 2,500 crore($400million) during a time when it was considered a flourishing business entity.
