1. Jasper Infotech pumps Rs 22 cr into Freecharge

Jasper Infotech pumps Rs 22 cr into Freecharge

Jasper Infotech that runs Snapdeal, has pumped in Rs 22 crore into the digital payment platform of the group, Freecharge, according to a very recent filing with the Registrar of Companies.

Bengaluru | Published: May 18, 2017 6:47 AM
With this, Jasper has released a total of Rs 55 crore into Freecharge, since March 2017.

Jasper Infotech that runs Snapdeal, has pumped in Rs 22 crore into the digital payment platform of the group, Freecharge, according to a very recent filing with the Registrar of Companies. With this, Jasper has released a total of Rs 55 crore into Freecharge, since March 2017. The recent infusion of funds has come at a time when Amazon Online Distribution Services, which is being renamed Amazon Pay India, has received funds of Rs 67 crore (almost $10 million) from Amazon Capital Holdings, Singapore, and Amazon.com Inc, Mauritius. Naspers-owned fintech company PayU India too has raised $124 million (Rs 802 crore) from its parent MIH India (Mauritius) and PayU Global.

While Softbank has been pushing for a sale of Snapdeal to Flipkart, it has also been reportedly pushing for a deal between Paytm and Freecharge. Jasper Infotech had bought FreeCharge for about $400 million in mid-2015. Over the last one year, Freecharge had been reportedly in discussions with multiple strategic investors including global payment majors like PayPal and PayU for raising fresh capital.

The lead investor in Jasper, the Japanese conglomerate Softbank, had recently said that it has recorded a loss from investments to the tune of $1.4 billion (over R9,000 crore), for 2016-17 in Indian companies like Jasper and Ola Cabs. Of late there has been an infusion of funds especially in digital payment companies. Mobikwik Systems that runs mobile wallet, Mobikwik, is already in the final stage of talks with investors to raise funds in the series D round, a source told FE.

-Sameer Ranjan Bakshi

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