FreeCharge Denies Reports About Talks With PayPal On Stake Sale
Mumbai: Dismissing reports that global payments platform PayPal is set to buy a 25 per cent stake in homegrown e-wallet FreeCharge, a company spokesperson has denied any such development.
Media reports claimed on Sunday that PayPal is expected to take a significant stake in FreeCharge for around $200 million.
"There is no basis to a speculative media story about FreeCharge and PayPal being in discussion about a stake sale. There is no such discussion/proposal and the story is completely incorrect," a FreeCharge spokesperson said in a statement on Monday.
Within the first 24 hours of the announcement of demonetisation, the wallet loads of Snapdeal-owned mobile transactions platform FreeCharge grew 12 times and has been increasing by the same average since then.
"Within the first 24 hours, wallet loads grew by 12x versus the 30 days average before," Snapdeal co-founder and CEO Kunal Bahl had told IANS.
The number of people downloading the Freecharge app, registrations for mobile wallet, transactions on third party merchants - are all growing by 10-15 times on a per day average basis, Mr Bahl added.
Founded in 2010, FreeCharge was acquired by Snapdeal in April last year for nearly $450 million.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
