Axis Bank-owned Freecharge Managing Director and CEO Siddharth Mehta has reportedly quit the company to start his own startup.
Siddarth was appointed as Managing Director and CEO for a period of four years, from August 20, 2019, to August 19, 2023. He replaced Sangram Singh – who had then quit to join a fintech lending company Indifi Technologies as president.
As per his LinkedIn profile, He left Freecharge in February 2023.
According to the Register of Companies (ROC) data, Mehta, along with former Axis Bank executive Mohit Bedi set up a new venture named Gokiwi Tech Pvt. Ltd., in November 2022. According to Mint, an Axis Bank spokesperson confirmed his departure.
In October 2017, Private sector bank Axis Bank acquired Freecharge Payment Technologies Private Ltd for Rs 373 crore in an all-cash deal.
Unlike other fintech firms, Freecharge has grown significantly in terms of revenues and has also turned profitable. For FY22, Freecharge reported Rs 287 crore in operating revenue, whereas the profits dropped to Rs 23 crore from Rs 37 crore in FY21.
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Source @Indianstartupnews
