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Axis Bank Acquires FreeCharge

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India’s third largest private sector lender Axis Bank, will be acquiring the digital payments platform FreeCharge, which is owned and operated by Jasper Infotech. Sources close to the deal reported the board of Snapdeal has agreed to sell their digital wallet to the private sector lender and an official announcement will be made in the next few days.

This proposed deal will value FreeCharge at Rs. 385 crores to Rs. 390 crores, which is a steep plunge from the Rs. 2,400 crores Jasper Infotech paid to acquire the company in 2015. At the time Jasper Infotech bought FreeCharge, this deal was called the largest deal in the nascent startup ecosystem in India.

The Economic Times reported, according to sources close to Jasper Infotech, the board of the ecommerce company is also expected to approve the sale of its online market space Snapdeal, to rival Flipkart in the next few days.

The transaction will give Snapdeal the much needed breathing space to the Snapdeal management which has struggled to raise funds for over a year. The parent company Jasper Infotech has also been in talks with various other companies over the sale of their digital payments arm. Amazon was the latest on the list of interested companies with a higher offer along with Paytm, Airtel, Times Internet and PayPal.

This will also be a strategic acquisition for Axis Bank, who have their own mobile wallet, Lime. They reported a 16% year on year decline in their June 2017 quarter. This acquisition will provide Axis Bank with access to high quality technology and to about 50 million FreeCharge mobile wallet holders.

FreeCharge, which hit the markets to raise funds separately last year, passed up at least two funding rounds due to differences between board members. The digital payments app was unable to keep up with the competition from other homegrown wallet providers like PayTM and MobiKwik, post demonetization. The Snapdeal board agreed to sell the digital wallet platform and their logistics arm Vulcan Express separately.

Law firm Cyril Amarchand Mangaldas and J. Sagar Associates represent Axis Bank and FreeCharge respectively, and no investment banks were contacted for the deal.

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Zepto Prepares for IPO with $250 Million Secondary Share Sale to Boost Domestic Investor Ownership

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Zepto Prepares for IPO with $250 Million Secondary Share Sale to Boost Domestic Investor Ownership

Zepto, the Bengaluru-based quick commerce startup, is preparing for its initial public offering (IPO) by facilitating a secondary share sale worth up to $250 million. This strategic move aims to increase Indian investor ownership from approximately 33% to nearly 50% before the anticipated public listing later this year or early next year.

Funding and Investor Details

The secondary sale will involve private equity firms, including Motilal Oswal Financial Services and Edelweiss Financial Services, allowing existing investors and employees to liquidate their shares. Although Zepto will not raise additional capital through this transaction, it is expected to execute the sale at a valuation of just over $5 billion, consistent with its last funding round in November 2024.

Objectives Behind the Sale

The primary goal of this secondary share sale is to enhance domestic ownership in Zepto, aligning with regulatory preferences and making the IPO more attractive to local institutional investors. Co-founders Aadit Palicha and Kaivalya Vohra currently hold about 20% of the company, and increasing Indian shareholder stakes is seen as a way to strengthen governance and influence over the company’s future direction.

Market Context

Zepto operates in India’s competitive grocery delivery market, facing challenges from established players like Amazon India, Swiggy, Zomato, and BigBasket. Founded in 2021 by Palicha and Vohra after they dropped out of Stanford University, Zepto has quickly gained traction in the quick commerce sector.

Conclusion

As Zepto approaches its IPO, this secondary share sale represents a crucial step in solidifying its position in the Indian market. By boosting domestic investor participation, Zepto aims to enhance its credibility and appeal as it prepares for a public listing amidst a wave of Indian startups entering the stock market.

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Regional OTT Platform STAGE Raises $12.5 Million to Expand Bhojpuri and Cultural Offerings

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Regional OTT platform STAGE has successfully raised $12.5 million in its Series B funding round, a move that highlights the increasing demand for regional content in India. The round was co-led by Goodwater Capital and Blume Ventures, with participation from Physis Capital and several angel investors.

The funding includes $10 million in primary capital and $2.5 million from secondary share sales, allowing early investors to partially exit. This capital will enable STAGE to enhance its content offerings, particularly in underserved languages like Bhojpuri, while strengthening its technological capabilities.

 

Since its launch in 2019, STAGE has quickly established itself as a leader in the regional OTT market, reporting an Annual Recurring Revenue (ARR) of ₹180 crore (approximately $21.7 million) and over 4.4 million paying subscribers. The platform has achieved over 20 million app installs and experienced significant growth, with a 289% increase in revenue and a 286% rise in subscribers over the past year, driven by original series such as Videshi Bahu, Kaand 2010, and Bhawani.

 

CEO Vinay Singhal emphasized that this funding is not just financial support but a validation of India’s diverse regional cultures. He noted that dialects like Haryanvi and Bhojpuri should be celebrated rather than viewed as liabilities. With this new funding, STAGE plans to further invest in content creation and technology development to enrich its storytelling experience.

 

As the demand for regional language content continues to grow, STAGE’s strategic investments position it well to expand into more languages and cultural narratives, solidifying its place in the competitive OTT landscape alongside platforms like aha video and Chaupal.

 

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From Space to Earth: Sunita Williams’ Inspiring Journey and Homecoming Celebration

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Sunita Williams, the celebrated Indian-American astronaut, recently returned to Earth after an extended nine-month mission aboard the International Space Station (ISS). Initially scheduled for just eight days, her mission was prolonged due to technical issues with the Boeing Starliner spacecraft, which rendered it unsafe for their return.

On March 19, 2025, Williams and fellow astronaut Butch Wilmore safely splashed down off the Florida coast. 

 

Their homecoming was celebrated in Jhulasan village, Gujarat, where special prayers and rituals were held to honor her safe return. Family members expressed their joy and gratitude, emphasizing her strong ties to her ancestral home.

Upon her return, Williams received accolades from Indian officials, including a letter from Prime Minister Narendra Modi, who expressed pride in her achievements and resilience. He highlighted the inspiration she provides to future generations of scientists.

 

While her return marks a moment of celebration, it also signals the start of new challenges. After spending 286 days in space, Williams will undergo a 45-day rehabilitation period to readjust to life on Earth and regain physical strength.

Sunita Williams’ journey serves as an inspiration not only for India but for aspiring scientists worldwide, showcasing the significant contributions of Indian-origin individuals in global space exploration.

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