Business Companies 27 Jul 2017 Axis Bank agrees to ...

Axis Bank agrees to buy FreeCharge from Snapdeal for Rs 385 crore

REUTERS
Published Jul 27, 2017, 1:11 pm IST
Updated Jul 27, 2017, 1:11 pm IST
Bank says acquisition will help it reap benefits of India's large digital payments segment.
Axis Bank is India's seventh-biggest lender by assets.
 Axis Bank is India's seventh-biggest lender by assets.

Mumbai: Axis Bank Ltd, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore.

"Digital payments in India are surging. Government policies are driving a less-cash economy," Axis Bank finance chief Jairam Sridharan told a news conference after announcing the deal.

 

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