MobiKwik-Freecharge deal to herald new era for wallets


Latest News – If last year was marked by shutdowns, losses and layoffs in the e-commerce sector, this could well be the year when others too were caught in the slowdown.

After online marketplaces, it now seems to be the turn of financial technology start-ups to either shut shop or sell themselves.

One of the biggest architects of the consolidation drive under way is Japanese conglomerate Softbank. It is orchestrating mergers not just in the e-commerce space, but also for digital wallets.

As it tries to convince Nexus Venture Partners to give its nod to the Snapdeal-Flipkart merger, Softbank is on the side fixing a deal with MobiKwik to sell Freecharge, the digital wallet acquired by Snapdeal in 2015.

Freecharge, which till last year was touted as the second largest wallet player in India after Paytm, today is valued at one-tenth of the price (Read More)


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