Indian private sector lender Axis Bank has received regulatory approval from Reserve Bank of India to complete the acquisition of mobile payments firm Freecharge.
The bank has acquired FreeCharge for INR3.73bn ($57m) in an all-cash deal and has appointed Sangram Singh as its CEO.
The deal, first announced in July this year, will give Axis Bank access to about 50 million registered mobile wallet users as well as several patented technologies.
“Pursuant to the receipt of approval for the said transaction from Reserve Bank of India, the bank has completed the acquisition of Freecharge for a cash consideration of 373.27 crore, on a cash free, debt free basis,” Axis Bank said in its stock exchange filing.
Freecharge was established in 2010 by Sandeep Tandon and Kunal Shah which was then valued at $5bn and later it was acquired by Snapdeal for approximately $400m in April 2015.