Axis Bank acquires Accelyst and Freecharge

[Bapun]

https://twitter.com/x/status/890464575623020545

Source


Axis Bank on Thursday announced acquisition of Accelyst Solutions Private Ltd and Freecharge PaymentTechnologies Private Ltd for Rs 385 crore.

Axis Bank acquires Accelyst and Freecharge for Rs 385 crore

 

[Ritesh]

Once the 'crown jewel' of Jasper InfoTech's (parent company of Snapdeal) portfolio, Freecharge, which until last year was the second largest mobile wallet player, has been sold to Axis Bank at almost one-tenth of the price.

According to sources in Freecharge, the deal with Axis Bank, the country's third largest private sector lender has been fixed at between $50 million and $70 million. The Kunal Bahl and Rohit Bansal led e-commerce firm bought Freecharge in April 2015, for an estimated $400 million. At that time, it was touted as the largest buyout in the Indian startup ecosystem.

The deal was finalised on Tuesday and the formal announcement would happen on Thursday. Axis Bank integrates has its own mobile wallet running by the name 'Lime' as well.

While Axis Bank has sent out a formal invitation saying that a "strategic announcement" would be made on Thursday, no one could be contacted to confirm the development so far. Both Freecharge and Snapdeal declined to comment on the issue.

Source: Freecharge sold to Axis for $60 million: The facts and details

 

[PRK]

Customer: We only want to know whether Axis bank will give more offers or not?

 

[Abhi]

Good Move Lets hope that now they will give us good cashback offers because when it was under Yes Bank they were not giving good offers anymore