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Freecharge CEO and MD, Siddharth Mehta, has left the company to start his own venture.
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Mehta had been with Freecharge for nearly four years and was appointed as MD for four years from August 2019.
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He started his own fintech venture, Gokiwi Tech Pvt Ltd, along with former Axis Bank and PayU executive Mohit Bedi.
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Gokiwi’s activities are “auxiliary to financial intermediation, except insurance and pension funding.”
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Freecharge was acquired by Axis Bank for INR 385 Cr ($60 Mn) in an all-cash deal in 2017 after being owned by Snapdeal.
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The acquisition doubled Axis Bank's customer base by giving access to Freecharge's 50 Mn users.
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Under Axis Bank, Freecharge has grown significantly and turned profitable, with operating revenue of INR 287 Cr in FY22.
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However, profits dropped to INR 23 Cr in FY22 from INR 37 Cr in FY21.