Axis Bank acquires Freecharge

Axis Bank has entered into an agreement with Jasper Infotech Pvt Ltd to acquire 100 per cent stake for $60 million (Rs 385 crore) in its subsidiaries, namely, FreeCharge Payment Technologies Pvt Ltd and Accelyst Solutions Pvt Ltd, which together constitute the digital payments business under the 'FreeCharge' brand. The transaction is expected to close by the end of September 2017 subject to regulatory approvals.

Shikha Sharma, Managing Director and chief executive of Axis Bank, added that the deal is key from a strategic perspective for the bank. While the bank is expecting regulatory clearance of the deal in two months, it might be looking to merge its wallet business with the latter. While adding to the conversation, Axis Bank’s chief financial officer Jairam Sridharan told the media that the acquisition might double their customer base of the bank leapfrogging its digital journey by years. Secondly, sources revels the leadership team of Axis Bank is committed to the digital payments space and is willing to invest significantly behind it.This is a big relief for Freecharge’s parent company and e-commerce marketplace, Snapdeal....Read More

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