Jain had worked with Axis Bank for over sixteen years earlier than joining Freecharge. He replaces Siddharth Mehta, who end Freecharge to set up his very own fintech undertaking.
Former Axis Bank senior chief, Mohit Jain, has joined Freecharge, an Axis Bank-owned bills startup, as its Chief Executive Officer and Managing Director.
This turned into introduced through Jain on social networking website online LinkedIn.
Jain replaces Siddharth Mehta, who served in the function for almost four years. Mehta cease Freecharge in February this yr. According to the Registrar of Companies, Mehta, together with former Axis Bank government Mohit Bedi, had commenced a mission named Gokiwi Tech in November final yr.
Jain had labored with Axis Bank for over sixteen years, before becoming a member of Freecharge.
In his remaining function, he changed into the pinnacle of Bharat Enterprises and Institutional Businesses for Axis Bank. According to his LinkedIn profile, he worked toward scaling up the company agri/MSME business in semi-city and rural markets, as a part of the bigger Bharat Banking agenda.
He changed into liable for putting in new strains of business (which include co-lending), expanding geographical presence, and broadening the purchaser segment. He was also instrumental within the virtual transformation of the institution.
Developments at Freecharge
In 2017, Axis Bank had accquired Snapdeal-owned cell pockets Freechargein a Rs 373-crore all-coins deal to bolster its position within the bills area.
As in line with reports, the flow gave Axis Bank get entry to to Freecharge’s 54 million clients, era, and human assets and supplied a massive raise to its virtual journey.
According to the financial institution’s 2021 annual report, Freecharge operates as a era service issuer to Axis Bank and is growing digital products and APIs for the financial institution, which the financial institution can use to tie up with multiple platforms. The organisation can also release those virtual economic products for customers on its personal platform.
In November 2021, Freecharge had publicised the rollout of its neo-banking platform, in partnership with its determine bank, to provide funding alternatives consisting of fixed deposits, digital gold, mutual price range, routine deposits, digital debit and credit cards, and purchase now, pay later (BNPL) service.
The platform’s future roadmap also protected non-public lending and insurance. However, these are but to select up tempo and gain scale.
In FY22, Freecharge reported an operating revenue of Rs 287 crore, an increase of 23.2%, at the same time as earnings dropped to Rs 23 crore from Rs 37 crore in FY21.
Freecharge became a number of the 57 firms whose software for the charge aggregator licence turned into back with the aid of the Reserve Bank of India in February, and it was asked to re-follow inside a hundred and twenty days.