Japer Infotech, a leading tech giant and the owner of Snapdeal.com, decided to invest. This sudden urge led the company to invest Rs 390 Crore into FreeCharge, the world’s leading tycoon in the online payment sector.
FreeCharge has gained a lot of business due to the blessing of demonetization. It declared about this investment in a filing submitted to Registrar of Companies (RoC). This filing was submitted in December end of 2016.
The bond of the two companies follows a unique pattern. FreeCharge, in the first week of December 2016, elevated its authorized share revenue to Rs 1,006 Crore from Rs 6 Crore. Any further details were not revealed by both the companies. Both of them refused to comment on the above fact.
The last six months witnessed the fact to be in limelight. It was discussed all over the news that Alibaba Group, Softbank, and Foxconn Technology were supporting both the companies that have a huge hand behind this deal. The investment of Jasper Infotech in FreeCharge is a huge, strategic in nature, and well played move.
FreeCharge now becomes a keystone and an important pillar of the Jasper architecture. It continues to build its online payment reign, giving more profit to the Snapdeal owner.
Well, this is how a business is done. One thing that is emerging due to demonetization is bonding up of several companies to support each other. So friends, what are your thoughts on this? Do you think that this move will be the beginning of a new trend?