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You may soon get home, car loans in just 59 minutes

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FreeCharge

Aug 20, 2019, 07.43 PM IST

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  • FreeCharge was acquired by the now beleaguered e-tailer Snapdeal for $400 million in 2015, and was last year sold to Axis Bank for $60 million.

    The letters are being handed to the employees of FreeCharge - following the announcement of its sale to private sector lender Axis Bank last week for Rs 385 crore.

    The acquisition of FreeCharge business would give Axis Bank access to about 52 million mobile wallet holders of FreeCharge as well as about 150 to 200 professionals.

    Development comes on the heels of Axis Bank emerging as one of the frontrunners to buy Snapdeal's digital payments platform.

    FreeCharge was acquired by Jasper in 2015 in a deal estimated at $400-450 mn in what was then the largest acquisition in the Indian startup landscape.

    The company, whose founders fought a bruising battle last year with its investors as well as Flipkart to avoid being acquired by the rival ecommerce firm, posted revenue of Rs 903.8 crore for fiscal 2017, compared with Rs 1,457 crore the previous year.

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