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Axis Bank Front Runner To Buy FreeCharge

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Axis Bank Front Runner To Buy FreeCharge,Startup Stories,Startup Stories India,Inspirational Stories,Axis Bank To Buy FreeCharge,Axis Bank Acquire FreeCharge,Axis Bank Emerged Front Runner To Buy FreeCharge,FreeCharge Founders Kunal Shah and Sandeep Tandon,Latest Business News 2017

India’s third largest private sector lender, Axis Bank has emerged as one of the key players to acquire the digital payments platform FreeCharge. According to reports, Axis Bank is currently conducting due diligence for the acquisition.

The Economic Times reported according to sources aware of the development a potential deal could deliver a payout of up to $ 100 million to its cash starved parent company Snapdeal. The ecommerce company Snapdeal is in the middle of negotiations itself with Flipkart for a potential takeover.

Jasper Infotech owned FreeCharge which was once valued at $ 5 billion was acquired by Snapdeal in 2015 in a deal worth $ 400 – $ 500 million. The Flipkart-Snapdeal acquisition put the payments wallet on the back seat as majority investor SoftBank planned to sell Snapdeal independently.

In March this year, Snapdeal invested $ 20 million in the online payments platform to accelerate growth post demonetization. Parent company Jasper Infotech also made another investment of $ 3.38 million in May. Post that, Jasper Infotech has been seeking a suitable buyer with reports suggesting that Paytm, MobiKwik, Bank of Baroda and Times Internet were interested in a deal.

In May this year, it was also reported Alibaba backed Paytm had signed a nonexclusive term sheet to acquire Snapdeal in an all cash deal which was pegged at $ 45 – 90 million.

It is estimated that the company has recorded Rs. 300 crores in transaction revenue on about 12 million transactions in April and has forecasted seven million transactions making Rs. 20,000 crores by March 2018.

FreeCharge was founded in 2010 by Kunal Shah and Sandeep Tandon and secured Series A funding of Rs. 200 million from Sequoia Capital in 2011. The digital payments platform also managed to raise $ 33 Million in a Series B funding round from Sequoia Capital, Sofina and Ru-Net in September 2014. They further raised $ 80 million from Hong Kong based fund Tybourne Capital Management and SF based fund Valiant Capital Management along with its existing investors in February 2016.

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Flipkart - StartupStories

Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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