In A Major Turnaround, Axis Bank May Acquire FreeCharge

axis bank acquire freecharge

08 July 2017, India:

India’s third-largest private sector lender, Axis Bank has emerged as a frontrunner to acquire digital wallet FreeCharge as per the report by ET.

Mumbai-headquartered Axis Bank is currently conducting due diligence on FreeCharge,  ET estimates that a potential deal could deliver a payout of up to $100 million to cash-starved Snapdeal.

As per another speculation, Even Airtel is keen to acquire Freecharge apart from Paytm who were interested in buying the platform since the last couple of months. Paytm had even signed a non-exclusive term sheet to acquire rival FreeCharge for less than $100 Million.

FreeCharge was acquired by Jasper in 2015 in a cash-and-stock deal estimated at $400-450 million in what was then the largest acquisition in the Indian start-up landscape. (Image- Pinkvilla.com)

Related read- Snapdeal Rejects $800 Million Bid from Flipkart

Comments

comments

Send this to friend