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27-Jul2017

Axis Bank to buy FreeCharge from Snapdeal: Report

Axis Bank is reportedly planning to buy FreeCharge from Snapdeal for around Rs 400 crore in the next few days. Snapdeal acquired FreeCharge in April 2015 for $400 million, when FreeCharge was largely a recharge platform. Snapdeal pumped in over Rs 500 crore to build the product into a strong payments technology platform.

By buying Freecharge, the bank will get a popular digital payments brand as well as access to high-quality technology that traditional companies typically struggle to build compared with internet start-ups.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.


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