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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.

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