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Axis Bank Acquires FreeCharge
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.
Latest News
₹290 Crore Boost: Rozana’s Series B Funding Scales Rural Retail Network Nationwide
Rozana, India’s leading rural retail platform, has secured ₹290 crore ($35 million) in a Series B funding round led by Bertelsmann India Investments (BII), with participation from Omidyar Network India, Vivid Capital, and Tana Investment Holding. This Rozana funding brings its total capital to over ₹500 crore, fueling hyperlocal expansion in underserved rural markets. Founded in 2021 by brothers Prashant and Prateek Chauhan, the startup’s phygital model blends micro-stores, app-based ordering, and last-mile delivery to connect 5 million+ users in 12 states with brands like ITC and HUL.
The ₹290 crore investment will supercharge Rozana’s rural omnichannel retail strategy, targeting 5x growth in 18 months. Plans include adding 5,000 micro-stores in Uttar Pradesh, Bihar, and Rajasthan; AI-powered inventory tech; and new categories like groceries and electronics. By empowering 20,000+ rural micro-entrepreneurs, Rozana taps into India’s $700 billion rural retail boom, where smartphone penetration and UPI drive 12% annual growth.
This Rozana Series B milestone positions it as a frontrunner against rivals like Ninjacart, eyeing unicorn status by 2028 amid ONDC tailwinds. CEO Prashant Chauhan emphasized, “We’re building rural prosperity through accessible premium brands.” For more on Rozana funding news and rural retail trends, stay updated on India’s startup ecosystem.
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Peak XV New Funds: $1.3B Commitment for India Startup Surge 2026
Peak XV Partners has launched three new funds totaling $1.3 billion, targeting India’s booming startup ecosystem. The lineup features the $600M Surge fund (8th edition) for early-stage ventures, a $300M Growth Fund for Series B+ scaling, and a $400M Acceleration Fund for rapid portfolio expansion. This commitment arrives as India’s VC inflows rebound, with AI and fintech leading 2026 trends.
These funds build on Peak XV’s legacy of backing unicorns like Zomato and Pine Labs, offering founders capital plus strategic guidance amid post-winter recovery. Early-stage deals surged 20% last year per Tracxn, positioning Peak XV to fuel the next wave of innovation in SaaS, climate tech, and consumer plays.
For startups eyeing Peak XV new funds or Surge fund 2026 applications, this signals prime opportunities. Investors and marketers should watch for deployment updates India remains a global VC hotspot.
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D2C Brand Neeman’s Raises $4 Million for Tier 2/3 Store Expansion & Eco-Friendly Shoes
Hyderabad, January 13, 2026 Neeman’s, India’s leading D2C footwear brand famed for sustainable shoes and patented PIXLL® technology, has raised $4 million from existing investors. This funding boosts its cumulative capital past $10 million since 2015, with a post-money valuation nearing $50 million. CEO Vijay Chahoria emphasized offline retail as the “next frontier,” planning 50+ new stores in Tier 2/3 cities like Jaipur and Lucknow to blend eco-friendly innovation with hands-on customer experiences.
In India’s booming D2C ecosystem where footwear sales hit ₹1.2 lakh crore in 2025 Neeman’s targets hybrid retail amid high online CAC and 25-30% returns. Backed by vegan, machine-washable shoes priced ₹2,000-4,000, the brand leverages PIXLL® (5x more breathable than leather) for carbon-neutral comfort. Recent 5x revenue growth to ₹100 crore ARR, 1M+ pairs sold via Myntra and stores, and awards at India D2C Summit 2025 position it ahead of rivals like Paaduks.
Neeman’s offline expansion India eyes the $15B sustainable footwear market by 2028, fueled by PLI schemes, Gen Z’s 70% eco-preference (Nielsen), and Southeast Asia exports. Challenges like real estate costs are offset by data-driven inventory and omnichannel QR tech. Watch for Q1 2026 launches in Hyderabad and Bengaluru redefining D2C success through authentic, “Wear the Change” branding.

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