The Board of Directors of Axis Bank have entered into a Share Purchase Agreement with Jasper Infotech Private Limited, the parent company of Snapdeal, to acquire 100 % equity capital of Accelyst Solutions Pvt Ltd and Freecharge Payment Technologies Pvt Ltd, subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs. 385 crores.
Accelyst Solutions Pvt Ltd is engaged in the business of providing and facilitating online recharge/ bill payment/ coupon services, marketing platform for third parties, distribution of mutual funds and insurance products through the mobile application/website/mobile site.
Freecharge Payment Technologies Pvt Ltd is engaged in the business of operating payment system for semi-closed prepaid payment instruments and gift vouchers under the license issued by the Reserve Bank of India, card processing services, payment aggregation services, merchant acquisition services and payment support services.
This $60 Million sale of Freecharge is at a mere 15% of the sale of Freecharge to Snapdeal in 2015 for $400 Million. Founded by Sandeep Tandon and Kunal Shah, Freecharge had once been valued at $5 Billion.