Axis Bank may buy Freecharge for around Rs 350 - 400 crore
DSIJ Intelligence / 26 Jul 2017
Axis Bank, one of the largest private lenders in the country, may strike a deal to purchase digital payments platform Freecharge for around Rs 350-400 crore in cash, as has been reported by a leading news agency.
Axis Bank, one of the largest private lenders in the country, may strike a deal to purchase digital payments platform Freecharge for around Rs 350-400 crore in cash, as has been reported by a leading news agency. According to the report, Freecharge’s parent, Snapdeal, is in talks to sell itself to its rival Flipkart. Axis Bank would get access to high-quality digital technology by buying Freecharge. Also, the bank will get a popular digital payments’ brand.
The deal is likely to be announced this week. Freecharge was in talks with PayTM to sell itself but reportedly the deal did not go through. Freecharge was one of the most successful startups in the country. However, since the start of 2016 the company has been encountering difficulties. Snapdeal had bought Freecharge for around USD 400 million in April 2015 in what was then the largest startup deal in India.
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