Freecharge: A Timeline of Acquisitions in India's Fintech Sector Freecharge, a Gurgaon-based financial services company, carved a niche in India's burgeoning digital payments landscape. Its platform facilitated convenient online bill payments encompassing electricity, gas, telephone, mobile, broadband, DTH, and metro card recharges. The company's strategic importance was underscored by its acquisition by Snapdeal in April 2015, a deal valued at approximately US$400 million - a significant transaction in the Indian e-commerce sector at the time, second only to MakeMyTrip's acquisition of Ibibo. This acquisition positioned Freecharge as a key player within Snapdeal's broader ecosystem. However, the landscape shifted. In July 2017, Axis Bank acquired Freecharge for a considerably lower sum of $60 million. This change in ownership marked a notable shift in the company's trajectory and its role within the competitive Indian fintech market. The contrasting valuations of the two acquisitions highlight the dynamic and rapidly evolving nature of the digital financial services sector in India, influenced by market forces and evolving business strategies. The acquisition by Axis Bank strategically broadened the bank's digital offerings.
