Freecharge scale grows 12.5X since its acquisition by Axis Bank
Summary
Importantly, revenue from wallet maintenance stood nil during FY22 as compared to Rs 78.72 crore generated from the same in FY21. It recently partnered with Cashfree Payments to facilitate its users with Buy Now Pay Later (BNPL) services up to Rs 10,000. Unlike its income, Freecharge’s expenses surged at a higher pace which caused a 38% drop in its profits to Rs 22.6 crore in FY22. Axis Bank acquired Freecharge from Snapdeal in a Rs 385 crore ($60 million) deal in July 2017. Before that, Freecharge’s original founders Kunal Shah and Sandeep Tandon sold the wallet platform to Snapdeal for about Rs 3,000 crore ($400 million) in April 2015.
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