Axis Bank buys FreeCharge from Snapdeal for $60 million

Snapdeal-owned recharge app FreeCharge was on Thursday acquired by private lender Axis Bank in a $60 million deal. Confirming the acquisition, FreeCharge Co-founder Kunal Shah wrote on Facebook that the choice of merging with Snapdeal 27 months ago "didn't work out as planned for several reasons." Notably, Snapdeal had bought FreeCharge for $400 million in April 2015.