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Snapdeal names Kothari as CEO of FreeCharge, to invest $20 mn

Press Trust of India  |  New Delhi 

E-commerce marketplace Snapdeal today appointed Jason Kothari as the CEO of its payments platform FreeCharge and said it will infuse an additional USD 20 million into the e-wallet firm.

The investment will further accelerate innovations and growth, Snapdeal said in a statement.

In addition to the role of the CEO, Jason will continue as Chief Strategy and Investment Officer at Snapdeal. He will also join the Board of Directors of FreeCharge.

The Softbank-backed Snapdeal had acquired FreeCharge in April 2015.

"As moves towards a cashless and economy, we are certain that FreeCharge will play a pivotal role in the transition. Jason is a strong, strategic and versatile business leader and entrepreneur who has already been the CEO of two successful companies," Kunal Bahl, co-founder and CEO of Snapdeal, said.

Most recently, Kothari was the CEO of Softbank-backed online real estate company Housing.Com, where he led the turnaround of the company. Prior to joining Housing.Com, Kothari was the CEO and Vice Chairman of character-based entertainment company Valiant Entertainment.

"The payments space in is forecast to be over USD 1 trillion by 2025," Kothari said adding that he expects FreeCharge to continue to play a key role in this digital payments revolution.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 20 2017. 17:02 IST