your password has been reset successfully, Please login again.

Axis Bank Plans to Acquire Digital Wallet FreeCharge

Axis Bank becomes the top contender to acquire FreeCharge digital wallet which is owned by Snapdeal.
BY BEx Bureau
BusinessEx
Jul 10, 2017

In May 2017, some private equity firms also made an offer of Rs 60-75 million to acquire the digital payment firm but the same did not reach to its final stages.

Recently Axis Bank showed interest in buying the FreeCharge firm and due diligence for the same is now in process.

Once Freecharge was referred to as the crown jewel of Snapdeal, CEO of Snapdeal Kunal Bahl said. Freecharge was first acquired by Jasper Infotech in all-cash deal of $400Mn-$500Mn in 2015. Then Snapdeal valued Freecharge at $5Bn while acquisition.

Paytm and Mobiwik were the initial bidders to acquire FreeCharge but the deals did not close. A non-exclusive sheet was signed by Paytm while offering $10-15 million for the acquisition and for Mobiwikthe deal did not reach to its final stages.

It is expected that Axis Bank may offer $20-40 million but no final amount is yet disclosed by the company.

Please add your Comment
SIMILAR News
December 07, 2017
POS solutions provider Mswipe raises $10 million funding in Series D round led by B Capital Group an ...More
By Akshay Arora
December 07, 2017
Expense management startup Happay backed by SEquia Capital, other investors with a funding of Rs 65. ...More
By Akshay Arora
December 06, 2017
Personalised task management startup Dunzo raised 412 million funding from Google under Next Billion ...More
By Akshay Arora
December 06, 2017
Flintobox which delivers child lerning kit has raised $7 million funding from venture capital firm L ...More
By Akshay Arora
December 05, 2017
Furniture and home appliances renting startup Rentickle secures $4 million funding from VC firms and ...More
By Akshay Arora
December 05, 2017
Bagalore-based home rental startup raises $50 million funding from UC-RNT Fund. ...More
By Akshay Arora
December 03, 2017
AEON Learning acquires edtech firm Acadgild for $1o million in an all stock deal. ...More
By Akshay Arora
November 30, 2017
Cisco Chairman John Chambers backs Uniphore Systems in exchange for 10 per cent stake in the firm. ...More
By Akshay Arora
November 29, 2017
Student accommodation startup Stanza living raises Rs.13cr funding from Matrix Partners and Accel Pa ...More
By Akshay Arora
November 29, 2017
Fitness startup MobieFit raises funding of $1.35 million from Dubai-based venture capitalist NB Vent ...More
By Akshay Arora
November 28, 2017
Agritech startup Krishihub raises seed funding from IIT Kanpur INVENT accelerators and Villgro Innov ...More
By Akshay Arora
November 27, 2017
IoT and SaaS technology transportation startup TempoGo raises Rs 1.6 crore ($250k) funding from Sing ...More
By Akshay Arora