E-commerce firm Snapdeal on Monday committed to invest an additional $20 million in its payment subsidiary FreeCharge and appointed Jason Kothari as the chief executive officer. The investment will further accelerate innovations and growth, the company said. In addition to taking on the role of the CEO, Jason will continue his key leadership role as chief strategy & investment officer at Snapdeal. He will also join the board of directors of FreeCharge.
Kothari, former CEO of Softbank-backed online real estate company Housing.com, joined Snapdeal as its chief strategy and business officer in January. “As India moves towards a cashless and digital economy, we are certain that FreeCharge will play a pivotal role in the transition. We remain committed to the success and vision of FreeCharge. Jason is a strong, strategic and versatile business leader & entrepreneur who has already been the CEO of two successful companies,” Kunal Bahl, co-founder & CEO, Snapdeal, said. At Housing.com, Kothari led the successful turnaround of the company from a position of distress to a market leader in one and a half years using organic and inorganic growth. Under his stewardship, Housing.com changed its business strategy & plan, raised an additional round of funding from lead investor Softbank.
Prior to joining Housing.com, Kothari was CEO & vice chairman of character-based entertainment company Valiant Entertainment, where he led the successful acquisition out of bankruptcy and turnaround of the company. Valiant raised $140 million from leading strategic investors, including the former CEO of Marvel Entertainment and Chinese media conglomerate DMG Entertainment.