Axis Bank announced the acquisition of Snapdeal-owned mobile payments provider Freecharge in an all-cash deal worth Rs385 crore. The deal is subject to regulatory approval from the Reserve Bank of India (RBI) and the indicative time-frame to complete the acquisition is two months, the private sector lender said in an exchange filing.
With this buyout, Axis Bank will get over 50 million customers of Freecharge along with its niche and patented technology and human resources. Founded in 2010 by Mumbai based entrepreneur Kunal Shah, FreeCharge started as a recharge deal coupons platform before turning into a full-scale mobile wallet.
Important Takeaways from Above News-
- Shikha Sharma is the MD and CEO of Axis Bank.
- The Headquarter of Axis bank is in Mumbai.
- Kunal Bahl, Co-Founder & CEO of Snapdeal, the parent company of Freecharge.
Source- Live Mint