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Axis Bank acquires Freecharge for Rs385 crore

LiveMint logoLiveMint 27-07-2017 Devidutta Tripathy

Mumbai: Axis Bank, India’s seventh-biggest lender by assets, said on Thursday it has agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs385 crore ($60.04 million).

“Digital payments in India are surging. Government policies are driving a less-cash economy,” Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal. Reuters

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