Axis Bank acquires Snapdeal-owned mobile wallet FreeCharge

Axis bank has acquired Snapdeal-owned mobile wallet FreeCharge in an all-cash deal worth Rs 385 crore to strengthen its position in the payments space. This acquisition is expected to help the bank take a significant step towards digital distribution of financial products. The platform provides access to agile customer-facing technology, which will help the bank to serve its existing customers better and approach new digitally native customers in an efficient manner.