CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank acquired Freecharge from Snapdeal in a Rs 385 crore ($60 million) deal in July 2017. Before that, Freecharge’s original founders Kunal Shah and Sandeep Tandon sold the wallet platform to Snapdeal for about Rs 3, 000 crore ($400 million) in April 2015.

Detailed explanation-2: -Axis Bank acquired an 100% shareholding of Freecharge for Rs. 385 crores outside its main line of business with an expectation to help the bank take a leap towards digital distribution of financial products to provide its customers in a more efficient manner.

Detailed explanation-3: -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.