Published
Dec 27, 2016
Download
Download the article
Print
Text size

Freecharge dismisses reports of stake sale to PayPal

Published
Dec 27, 2016

Snapdeal owned digital platform Freecharge has dismissed reports about it selling 25% stake to global payments platform Paypal.


FreeCharge

 

Media reports claimed on Sunday that PayPal is expected to take a significant stake in FreeCharge for around $200 million.

 

"There is no basis to a speculative media story about FreeCharge and PayPal being in discussion about a stake sale. There is no such discussion/proposal and the story is completely incorrect," a FreeCharge spokesperson said in a statement on Monday.

 

Within the first 24 hours of the announcement of demonetisation, the wallet loads of Snapdeal-owned mobile transactions platform FreeCharge grew 12 times and has been increasing by the same average since then.

Founded in 2010, FreeCharge was acquired by Snapdeal in April last year for nearly $450 million.

Copyright © 2024 FashionNetwork.com All rights reserved.