Freecharge, the digital payment platform which allows us to recharge or pay bills has now an acquired by Axis Bank from the e-Commerce company Snapdeal. The Axis Bank has announced that the company acquired Freecharge for ₹385 crore, and the whole amount will be paid in cash mode.
The acquisition also includes around 200 to 250 employees of Freecharge, all the employees will also move under the new roof. And the company said that the deal is subject to regulatory clearances, and it is expected to close the deal by the end of September.
Now let’s go back to the history, Freecharge was owned by Snapdeal in 2015 for $400 (approx. ₹2,500 crore). And now it is acquired by Axis Bank for ₹385 crore, which shows that the Freecharge has lost lots of its value over the period of two years.
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Via: Money Control
