Axis projects returns from Rs 385-cr FreeCharge acquisition in 2-3 years

Private sector lender Axis Bank has acquired digital payments company FreeCharge for Rs 385 crore. The bank will get FreeCharge’s 50 million wallet users and 0.2 million merchant base, helping it to scale up its presence in the digital payments space.  

Axis Bank Chief Executive Officer Shikha Sharma said that the bank expects to gain returns on the investment in approximately two to three years.

The bank projects that its customer base will double with the acquisition. However, there may be an overlap with the bank’s existing customer base. The payments platform will bring digital only, mobile first, and