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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