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On Thursday, Axis Bank has acquired the digital payment company FreeCharge from Snapdeal for Rs 385 crore. It has been an all cash transaction.
According to Rajiv Anand, executive director at Axis Bank, “The two boards signed the sale process agreement today.”
He said that “The Idea behind acquiring FreeCharge was to get access to its 5 crore customer base, leverage its strong brand, use its technology platform and also integrate its quality team.”
The bank is going to retain FreeCharge’s 200 member team that aims to run the digital payment platform as a separate entity.
