Axis Bank Agrees To Buy Payments Wallet Provider FreeCharge For Rs 385 Crore

Mumbai: Axis Bank, India's seventh-biggest lender by assets, said on Thursday it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs 385 crore. The deal comes as FreeCharge's parent, Snapdeal, moves closer towards a merger with bigger rival Flipkart in what sources have said would be an up-to-$950 million deal. As part of the agreement with Axis Bank about 200 employees of FreeCharg...