Deal confirmed: Axis Bank buys FreeCharge from Snapdeal for $60 mn

Axis Bank's financial chief put the move in context, saying digital payments were surging in India

Reuters | Mumbai July 27, 2017 Last Updated at 13:14 IST

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 ($60.04 million).

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"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.

Happy to announce the partnership between Axis Bank and Freecharge. A great institution taking a fantastic business ahead! Kudos to FC team!
— Kunal Bahl (@1kunalbahl) July 27, 2017