Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal
India's third largest private sector lender Axis Bank Ltd is all set to buy digital payments platform Freecharge from Snapdeal for amount nearing Rs 400 Cr, a much needed relief for Snapdeal.
This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. By this acquisition, Axis Bank will get a popular digital payments platform and access to high-quality tech, which will give it an upper-hand over other banks.
Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity.
Paytm was also in the lead to acquire Freecharge but Freecharge chose to go with Axis Bank, due to higher bid.
The sale of Freecharge will mark the most stunning co...