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Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

Jasper Infotech Invests 30 Crore in Freecharge

14Mar By NitishNo Comments

FUNDING

Jasper Infotech Invests 30 Crore in Freecharge

Jasper Infotech which acquired Freecharge platform invested additional Rs 30 crore into the latter, according to documents filed with the registrar of companies. Jasper infotech also own and operate one of the leading e-commerce platform of India Snapdeal.com. An email sent to FreeCharge and Jasper spokespersons seeking comments on the latest development remain unanswered at the time of going to press. Earlier in report, Snapdeal is in talks such as PayPal, Paytm and PayU to sell FreeCharge. The deal size is somewhere around $300 million. Snapdeal acquired Freecharge for $400-450 million in a cash-and-stock deal in mid-2015.

22Feb By AdityaNo Comments

News

Snapdeal to Lay Off 600 People Over Next Few Days

SoftBank-backed Snapdeal will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days. According to sources, the company started the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). The sources added that the reduction will include employees across levels and the process will be completed in the next few days. A Snapdeal spokesperson said, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers." "We have realigned our resources and teams to further these goals and d...

9Feb By AnkitaNo Comments

FUNDING

MobiKwik Looking To Raise Fresh Funding in 3 Months

Digital payments firm MobiKwik today said it is looking at raising fresh funding in three months as it revs up expansion to compete head-on with rivals like Paytm. The company, which has raised over USD 85 million in funding so far, also expects to break-even by middle of next year. "We are looking at raising a decent amount of fund. While we are well-capitalised at this time, fresh funding will help us expand our customer base of merchants and consumers. We have grown at a massive pace in the weeks after demonetisation and the funds will help us strengthen our operations and expand," MobiKwik founder and CEO Bipin Preet Singh told PIXR8. He, however, declined to comment on the amount being raised as the discussions are still on. "We are talking to both new and existing investors....

Now Purchase Mutual Funds Through FreeCharge

20Jan By NitishNo Comments

News

Now Purchase Mutual Funds Through FreeCharge

New Delhi, Delhi, India- FreeCharge, India’s leading digital payments platform, today announced the launch of Mutual Funds on its platform in partnership with Reliance Mutual Fund. With the launch of the facility, users can seamlessly invest in a Money Market Mutual Fund that targets higher returns than those available on savings bank accounts. FreeCharge, known for its 10-second payments, is offering instant redemption of mutual funds at the click of a button. The entire process from investing to redemption is paperless – all the customer needs is his PAN or Adhaar card number. Customers also benefit from zero transaction charges and zero charges at redemption. To invest through FreeCharge, all a KYC compliant customer needs to do is enter his PAN number, a few basic details & b...

25,000 Crore Digital Transactions in India, Post Demonetisation

10Jan By NitishNo Comments

News

25,000 Crore Digital Transactions in India, Post Demonetisation

Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report. This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding t...

Now Shop Online on eBay Using FreeCharge

28Dec By AnkitaNo Comments

News

Now Shop Online on eBay Using FreeCharge

Leading mobile wallet platform FreeCharge today, announced its partnership with the online marketplace pioneer eBay India via Billdesk. With the partnership, both FreeCharge and eBay customers can access over 100 million product listings on ebay and pay for their order using the FreeCharge wallet option. Users can also avail 25% Cashback offer on selecting FreeCharge as the payment mode. FreeCharge offers its customers, the comfort of payment on shopping category partners like Snapdeal, Voonik, Jabong, Yepme, Zivame.com, Vishal Megamart, Pantaloons, Shoppers Stop and many others. Commenting on the partnership, Sudeep Tandon, CBO – FreeCharge, said, “We are extremely pleased to associate with eBay as their payment partner. While we are constantly trying to provide our users with a ...

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

23Dec By NitishNo Comments

News

Global Payment Firm Paypal May Acquire 25% Shares of Freecharge

A leading online payment firm PayPal is in talks with freecharge team to acquire 25% stake as the report by Mint. The expecting amount of the acquisition may be around $200 million (approximately Rs 1,357 crore). Jasper Infotech Private Limited known as snapdeal owned FreeCharge.com. Initially United States-based online payments company PayPal had made an offer for a 51% buyout. However, Snapdeal, which owns FreeCharge, is not too keen on selling a controlling stake. As per recent scenario, Paypal looking to stand itself as a direct competitor of paytm to acquire the large number of Indian market share. After acquiring the stakes in Freecharge, Paypal can offer national and international payment through Freecharge app. The talk is final stage, while PayPal has hired Goldman Sachs...

None of Mobile Payment Apps in India Fully Secure: Qualcomm

14Dec By PriyankaNo Comments

News

None of Mobile Payment Apps in India Fully Secure: Qualcomm

While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware level security which can make online transactions more secure. "You will be surprised because most of the banking or wallet apps around the world don't use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured... in India that is the case for most of all digital wallets and mobile banking apps," Qualcomm Senior Director Product Management SY Choudhury told Pixr8. He said that even most famous digital payment application in India is not using hardware level security. "Reason we are saying that none of them is using it bec...

4Oct By NitishNo Comments

FUNDING

Global Payments Company Remitr Raises $1 Million Funding From Kunal Shah & Vijay Shekhar Sharma

MUMBAI, OCTOBER 4: Global payments company Remitr has raised around $1 million from a clutch of well-known global start-up founders and angel investors including Paytm founder Vijay Shekhar Sharma, FreeCharge’s Kunal Shah and Sandeep Tandon, GOQii founder Vishal Gondal, and Seedfund founder Pravin Gandhi. Founded in 2015 by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi, Remitr’s platform routes end-to-end payments using its proprietary payment network, which integrates with clearing systems and third-party payment networks in various countries. There are a multitude of processing layers involved in cross-border payments, and each layer adds its own costs, coupled with exhaustive compliance requirements, making it expensive and complex. Remitr helps connects all the dots by ensuring c...

India Lays Foundation For a Fintech Revolution

18Sep By reutersNo Comments

BLOGS

India Lays Foundation For a Fintech Revolution

India is setting a new global standard in fintech. A new instant online payments system, tied to national biometric identity data, launched in recent weeks. Together with an explosion in smartphone usage, this could help the world’s fastest-growing large economy skip traditional financial infrastructure like cash machines, debit cards and point-of-sales machines – speeding up a move to a cashless economy. The so-called “Unified Payment Interface” is unlike anything available in China or the United States. It enables secure, real-time transfers from one person to another, or to a company. UPI enables individuals and businesses to manage money held across multiple accounts at various banks through a single mobile application – and not one that necessarily belongs to the customer’s own ban...

Freecharge, Freshdesk Founders Invest in O2O Platform Crownit

27Aug By AdityaNo Comments

FUNDING

Freecharge, Freshdesk Founders Invest in O2O Platform Crownit

Freecharge founders Kunal Shah and Sandeep Tandon, and Freshdesk founder Gireesh Mathrubootham have invested in Crownit, an Online to Offline (O2O) local merchants discovery platform. The size of the deal is however not disclosed. Ex-Snapdeal chief product officer Anand Chandrasekaran has also invested in the venture, the company said in a statement. "We are building Indias largest offline deals company using app-only cost efficient cash-back approach. We are replicating the success of Meituan (China's largest offline deals company) in India. We will continue to scale using product innovation without the need of large capital," Sameer Grover, founder and CEO, Crownit said. Crownit primarily targets offline merchants segment with direct consumer discounts and deals category in India...