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\n Mumbai: Country's third largest private sector lender Axis Bank<\/a> today entered into an agreement to acquire payments wallet Freecharge<\/a> for Rs 385 crore in an all-cash deal.<\/p>\n \"The bank has today entered into a share purchase agreement with Jasper Infotech Private Limited<\/a> ('Snapdeal'), to acquire 100 per cent equity capital of Accelyst Solutions<\/a> and Freecharge Payment Technologies<\/a> (Accelyst and FPTPL collectively referred to as 'Freecharge'), subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs 385 crore,\" it said in a regulatory filing.<\/p>\n The bank's managing director and chief executive, Shikha Sharma<\/a>, told reporters that the agreement was signed earlier in the day and the deal is important from a strategic perspective for the bank.<\/p>\n \n\tAxis Bank's chief financial officer Jairam Sridharan said the acquisition will double the customer base of the bank and leapfrog its digital journey by multiple years.<\/p>\n \n\tHe said the bank expects regulatory clearances to the deal in two months. Following this, the bank could consider merging their wallet businesses.<\/p>\n \n\tFreecharge presently has a revenue of about Rs 80 crore, he added.<\/p>\n \n\tSnapdeal had bought Freecharge in April 2015 for an estimated USD 400 million or over Rs 2,500 crore at current rates. At that time, this was touted as the largest deal in the nascent start-up ecosystem in India.<\/p>\n Earlier, Freecharge was reported to be holding discussions with Paytm<\/a> (One97 Communications<\/a>).<\/p>\n \n\tHowever, the deal did not go through as the Alibaba-backed company was offering a much lesser price of about USD 15 million, one of sources said.<\/p>\nAcquiring Freecharge's business would give Axis Bank access to about 52 million mobile wallet holders of Freecharge as well as about 150 to 200 professionals. AA DSK GK\n\n<\/body>","next_sibling":[{"msid":59788936,"title":"BSE Telecom index slips; Bharti Airtel among top losers","entity_type":"ARTICLE","link":"\/news\/bse-telecom-index-slips-bharti-airtel-among-top-losers\/59788936","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59789569,"entity_type":"ARTICLE","title":"Axis Bank to acquire payments wallet Freecharge for Rs 385 crore","synopsis":"Country's third largest private sector lender Axis Bank today entered into an agreement to acquire payments wallet Freecharge for Rs 385 crore in an all-cash deal.","titleseo":"telecomnews\/axis-bank-to-acquire-payments-wallet-freecharge-for-rs-385-cr","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2017-07-27 14:50:26","lastupd":"2017-07-27 14:52:20","breadcrumbTags":["Freecharge","Axis Bank","Shikha Sharma","One97 Communications","PayTM","MVAS\/Apps","jasper infotech private limited","freecharge payment technologies","accelyst solutions"],"secinfo":{"seolocation":"telecomnews\/axis-bank-to-acquire-payments-wallet-freecharge-for-rs-385-cr"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-07-27" data-index="article_1">
孟买:该国第三大私人部门银行Axis银行今天进入一个协议收购支付钱包Freecharge为385卢比现金交易。 “今天的银行已经进入股份购买协议碧玉信息技术私人有限公司(“Snapdeal”),获得100%的股权资本Accelyst解决方案和Freecharge支付技术(Accelyst和FPTPL统称为“Freecharge”),收到必要的监管机构的批准,包括印度考虑385卢比现金,”在一份监管申报文件中表示。 银行的董事总经理兼首席执行官Shikha Sharma告诉记者,当天早些时候签署了一项协议,该协议是很重要的银行从战略高度。 Axis银行首席财务官Jairam曾经表示,收购将双重银行的客户基础和超越其数字由多个年旅程。 他说,银行预计监管许可协议的两个月。在这之后,商业银行可以考虑合并他们的钱包。 Freecharge目前的收入约为80卢比,他补充说。 Snapdeal买来Freecharge估计在2015年4月4亿美元或者2500卢比在当前利率。当时,这是吹捧为最大的交易在印度新兴的创业生态系统。 据报道,早些时候,Freecharge举行讨论Paytm(One97通信)。 然而,这笔交易没有经过Alibaba-backed公司提供低得多的价格约1500万美元,消息人士称。
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