Indian private sector lender Axis Bank has secured regulatory nod from the Reserve Bank of India to complete the acquisition of mobile payments firm Freecharge.
The bank has acquired FreeCharge for INR3.73bn ($57m) in an all-cash deal and named Sangram Singh as its CEO.
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The deal, first announced in July this year, will offer the bank access to about 50 million registered mobile wallet users and several patented technologies.
“Pursuant to the receipt of approval for the said transaction from Reserve Bank of India, the bank has completed the acquisition of Freecharge for a cash consideration of 373.27 crore, on a cash free, debt free basis,” Axis Bank said in its stock exchange filing.
Freecharge was set up in 2010 by Sandeep Tandon and Kunal Shah and then valued at $5bn. The firm was acquired by Snapdeal for around $400m in April 2015.
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By GlobalData
