Axis Bank said it has completed the acquisition of mobile wallet firm Freecharge. The bank also said Sangram Singh will be the CEO of the Freecharge. The bank said in a filing with the stock exchanges it has completed the acquisition of Freecharge for a cash consideration of Rs373.27 crore, on a cash free, debt free basis. The bank had announced about the acquisition in July. It also said the acquisition will double the customer base of the bank and leapfrog its digital journey by multiple years. Freecharge has a revenue of about Rs80 crore. Snapdeal had bought Freecharge in April 2015 for an estimated Rs2,500 crore at current rates. With the acquisition, Axis Bank will have access to about 52 million mobile wallet holders of Freecharge as well as about 150 to 200 professionals.
