Axis Bank to acquire FreeCharge: Sources

India Infoline News Service | Mumbai | July 08, 2017 10:30 IST

Axis Bank has emerged as the frontrunner to acquire FreeCharge.

Acquisition Concept
Private banking major Axis Bank has emerged as the frontrunner to acquire FreeCharge. The digital payment platform owned by Snapdeal, reported a national business daily.

The payment platform was seeking a suitable buyer since long, even as its parent company negotiates the terms for the sale.

Axis Bank is currently conducting due diligence on FreeCharge. According to M&A experts, the deal may deliver a pay out of USD 20-40 million to Snapdeal.

Earlier, two domestic banks and a couple of private equity firms had expressed their intent to acquire the Bengaluru-based FreeCharge, the report said.

FreeCharge was acquired by Jasper in 2015 in a cash-and-stock deal estimated at USD 400-450 million in what was then the largest acquisition in the Indian start-up landscape. 

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