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Amazon Offers $ 80 Million For FreeCharge

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Global emcommerce giant Amazon has joined the list of prospective buyers interested in the digital wallet FreeCharge. The online ecommerce company has reportedly offered $ 70 – $ 80 million for FreeCharge, which is owned by the troubled ecommerce company Snapdeal.

Amazon made the offer to Jasper Infotech, which owns and operates both Snapdeal and FreeCharge with a signed termsheet last week. They have also recently invested about $30 million in their Indian digital payments entity, Amazon Pay India. With this acquisition, Amazon will be able to strengthen their hold in the digital payments market space. MobiKwik, Paytm, Bank of Baroda along with Times Internet have shown interest in buying the digital payments and wallet arm. 

Axis Bank also made an offer of $60 – $ 65 million a couple of weeks back, emerging as the front runner for the acquisition. The Economic Times reported, rival online payments service Paytm also had signed a non exclusive termsheet and made a $ 10 million offer for the acquisition of FreeCharge. But, according to the report, Axis Bank remains the favorite to acquire the digital payments platform, despite Amazon’s higher bid.

Jasper Infotech invested $ 3.38 million in the digital wallet in May this year, prior to which Snapdeal had also made an investment of $ 20 million in March. But talks about the acquisition of FreeCharge have been doing rounds for over six months now. American online payments system PayPal was also reportedly planning to acquire a significant stake in FreeCharge, before the news of Flipkart acquiring rival Snapdeal surfaced. Since then, there have been multiple prospective bids for Freecharge and Snapdeal’s logistics arm Vulcan Express.

The future of Jasper Infotech owned Snapdeal is also unclear with reports claiming the founders Kunal Bahl and Rohit Bansal have been in talks with other senior executives looking for alternative options. 

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

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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 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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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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