Freecharge sold to Axis for $60 million: The facts and details

Firm was recently bought by Snapdeal in April 2015 for an estimated $400 mn

Once the 'crown jewel' of Jasper InfoTech's (parent company of Snapdeal) portfolio, Freecharge, which until last year was the second largest mobile wallet player, has been sold to Axis Bank at almost one-tenth of the price.

According to sources in Freecharge, the deal with Axis Bank, the country's third largest private sector lender has been fixed at between $50 million and $70 million. The Kunal Bahl and Rohit Bansal led e-commerce firm bought Freecharge in April 2015, for an estimated $400 million. At that time, it was touted as the largest buyout in the Indian startup ecosystem.

The deal was finalised on