Banks

Axis Bank to get hold on Freecharge for Rs 350-400 crore

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Private lender Axis Bank is all set to crack a deal to buy digital payments giant Freecharge for Rs 350-400 crore.

Reportedly, Freecharge’s present owner Snapdeal is in discussion with the rival branch Flipkart to sell itself.

If the deal between the bank and Freecharge materialises, Axis Bank would get access to the high-quality digital technology offered by the payments brand.

 As per the latest updates, Axis Bank and Freecharge are most likely to announce the deal within a week. Freecharge was in earlier in talks with Paytm for the deal, but it did not materialise finally.

Freecharge is one of the most popular and successful start-ups pertaining to digital payments in the country. Since its inception in  2016, the company had been witnessing several issues in regards to its ownership. Earlier Snapdeal bought Freecharge for around $ 400 million in April 2015. It was termed as the largest start-up deal in the country, then.

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