Freecharge to be part of Axis Bank

Category : News


Total Views : 744


Posted On : 27th, July 2017


Share On :



744    

News

Freecharge to be part of Axis Bank

27th, July 2017    -    News

 The board of Snapdeal which own and operate Freecharge has agreed to sell the digital payment platform to Axis Bank according to the source. 


The proposed deal will value freecharge at Rs 385 Crore -390 Crore as per the source. Jasper Infotech acquired Freecharge for Rs 2400 Crore during 2014 which was supposed to be biggest  acquisition in the Indian startup sector. 


The sale of FreeCharge is a reflection of the reversal in fortunes of its parent, Snapdeal. The digital payments company, for which Jasper had, at one point, eyed a valuation of close to $1 billion, has undergone a sharp drop of its volume and value of transactions. 


“The formal announcement of the sale could be made as early as Thursday,” the sources said. 


The company is estimated to have recorded Rs 300 crore in transaction revenue on about 12 million transactions in April. 


In its heyday, the payments company had forecast 7 million daily transactions and gross merchandise transactions of Rs 20,000 crore by the end of fiscal 2017. 

Categories: Startup Event , Startup , Startup community , Food tech , Legal tech startup , HR Tech , Tech Startup , Guest blog , Featured entrepreneur , Startup funding , FinTech , International news , International Startup , Analytics , Product review , Social enterprise , Health care , My journey , Co working space , Fashion , Sponsored , F&B

Recent Posts



Startups Journey

StartupsJourney is a digital media platform that was founded in the early 2017 with a deeply inscribed motto of helping entrepreneurs..

Know more..




Startups Journey

StartupsJourney is a digital media platform that was founded in the early 2017 with a deeply...


KNOW MORE


Subscribe Email


Follow us on





Contact

  • STARTUPS JOURNEY
  • contact@startupsjourney.com
  • info@startupsjourney.com

© 2018 Startupsjourney • All Rights Reserved Firebyte Studio