Popular e-commerce website Freecharge, in order to survive, raised Rs. 30 crores from its parent company Jasper Infotech ( this is the firm which operates Freecharge.)

Earlier this year Jasper Infotech (SnapDeal) which acquired Freecharge in 2015 had invested Rs. 390 crores in the mobile wallet company. According to the reports, Jasper bought these additional shares following a board resolution on February 23 this year.

To our surprise, a day before this decision was made, Freecharge’s CEO Govind Rajan announced his resignation. Currently, Jason Kothari, Former CEO at Housing and now Chief Strategy and Investment Officer at Snapdeal, is now in charge of operations at Freecharge.

Things are not going so good when it comes to investors. Snapdeal founders too had announced 100% salary cut for themselves and also as many as 600 employees are to face the exit doors.

Started in 2010 by Kunal Shah and Sandeep Tandon, Freecharge is one of the India’s top payments app. Across the Country, customers use this app to make prepaid, postpaid, DTH bill payments.

Now Freecharge is facing tough times as its largest competitor Paytm recently crossed 200 million users and also raised $200 million for its Paytm Mall.

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