Axis Bank agrees to buy payments wallet provider FreeCharge

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Mumbai: Axis Bank Ltd, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees.

The deal comes as FreeCharge’s parent, Snapdeal, moves closer towards a merger with bigger rival Flipkart in what sources have said would be an up-to-$950 million deal.

As part of the agreement with Axis Bank about 200 employees of FreeCharge – which was acquired by Snapdeal in 2015 – will move to the bank, the lender’s finance chief Jairam Sridharan told a news conference.

A decision on either merging FreeCharge with its existing payment wallet or keeping it as a separate unit within the bank will be taken after discussions with the regulator, Axis Bank Chief Executive Officer Shikha Sharma said.

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