Axis Bank agrees to acquire full stake in FreeCharge from Snapdeal

Axis Bank has entered into an agreement with Jasper Infotech Private Limited to acquire full stake in the "FreeCharge" brand, a company statement said.

Axis Bank has entered into an agreement with Jasper Infotech Private Limited to acquire 100 percent stake in its subsidiaries like FreeCharge Payment Technologies Private Limited and Accelyst Solutions Private Limited, which together constitute the digital payments business under the "FreeCharge" brand, a company statement said on Thursday.

Axis Bank agrees to acquire full stake in FreeCharge from Snapdeal

Image: FreeCharge

"The acquisition of FreeCharge re-affirms Axis Bank's determination to lead the journey of digitization of financial services. We expect FreeCharge to contribute significantly in our aspiration to serve the digital native and mobile-first young consumers of India," said Shikha Sharma, MD & CEO of Axis Bank.

The statement, however, did not mention any acquisition size.

"The Axis FreeCharge combination is a potent one that has the potential to make a large impact on the digital payments and banking space. It is a win-win deal that allows Snapdeal to further focus on our core e-commerce business while giving Axis some of the most agile and innovative technology capabilities in the financial services space in India," said Kunal Bahl, Snapdeal Co-Founder & CEO.

E-commerce marketplace Snapdeal had acquired FreeCharge in 2015.

FreeCharge is a pan-India digital payments company with over 50 million registered wallet users and over 200,000 merchants. FreeCharge wallet is used to make payments for telecom, DTH and broadband recharges and for utility payments including electricity, gas and water bills.

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