Freecharge's the digital payments company acquired by Axis Bank from Snapdeal on October 6th 2017, has apparently shown improvement since its acquisition by the bank. In its financial results for the quarter ended 31st December 2017, Axis Bank has said that "All top line metrics since acquistion have improved materially, with total payment volumes up 42% and monthly active users increasing by 24%." Apart from this, the presentation mentions that transaction volumes are up 17%, spends per user are up 22%, app installation is up 83% and platform engagement us up 32%. Axis Bank had bought Freecharge for $60 million. Note that Axis Bank hasn't shared absolute figures, and there really is no publicly available information on how Freecharge performed between the time that the acquisition from a financially struggling Snapdeal was announced, and the time that the deal closed. Thus, mere percentage numbers here can't really be taken at face value. What the presentation mentions is that "Post acquisition activities remain on track" and "Focused campaigns have helped to improve all top line metrics since acquisition". In the past, and at present, Freecharge has spoke about the "strength of [Freecharge's] acquisition engine" and the value of combining it "with the power of lending and deposit products of a bank ", as its strategic view on the acquisition. "Conventional wisdom in banks has been to start with deposit products as the nucleus around which one creates a franchise. We believe it is equally possible to build a franchise around a…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...