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.
