Axis Bank buys Freecharge for 385 crore in all cash deal, Kunal Bahl congratulates Freecharge team

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Axis bank has confirmed that it has bought Snapdeal's payment arm Freecharge in 385 crore which is all cash deal.

Axis bank will be able to leverage the large customer base of 52 million and will use this data to cross sell it's financial products.


PayTm was also in talks to buy Freecharge, however it backed out of the deal because of price quoted for the buyout.

Kunal Shah, Founder of Freecharge took to Facebook to share his thoughts on the buyout and merger of the company.

Employees of Freecharge will be absorbed into Axis bank and CEO Jason Kothari will leave after taking care of smooth handover of the operations to the new management.




Kunal Bahl, founder of Snapdeal also expressed his happiness after Axis bank declared about the merger.



































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