One of the third largest private-sector Bank in India, Axis Bank has reportedly announced its acquisition with e-commerce company snapdeal’s mobile payments wallet provider Freecharge for Rs 385 crore ($60.04 million).
It was reported that the deal is subject to regulatory approval from the Reserve Bank of India.
Kunal Bahl, Co-Founder & CEO of Snapdeal said in a statement, “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”.
It was learnt that the Amazon was also planning to acquire the mobile payments wallet provider Freecharge.