400 Crore! Axis Bank set to buy Freecharge from Snapdeal: This week is going to be more impressive and shocking because lots of things happened in the tech world of India. As you all know that online recharge and bill payment related app Freecharge is getting a good response since the day it was launched. Everybody is quite familiar with the app or used it sometimes. So, we all heard about this app but some of us didn’t know that Freecharge is Snapdeal’s company.
Sale of Freecharge to Axis Bank will give Snapdeal because as we all know that Snapdeal is setting itself for Flipkart. If this all went together then you can say that Snapdeal’s business is going to be finished from India because they are already getting busy in their pack ups. Also, the sources are saying that Axis bank is quite happy with this deal even they are not saying anything openly now.
Well, as per the reports Private sector lender Axis Bank Ltd about to crack a deal to buy digital payments platform Freecharge for Rs350-400 crore in cash. Sources are very confident and said that “Snapdeal is looking forward for this deal because they already accepted the bid”. Even they are in talking terms with Axis Bank.
Only a few people knew that Snapdeal bought Freecharge for $400 million in April 2015 and at that time it was the highest amount of bid for any startup company in India. So, now they are selling it out because maybe they are packing up from Indian market? Or Jasper Infotech Pvt Ltd would be thinking of something big which may take them upper level than these things.
Also, the Axis bank had a very expensive deal for themselves too because Axis Bank on Tuesday reported a 16.07% fall in net profit for the quarter ended June 30. Also, their shares were down 2.9% on Wednesday afternoon.