Press Esc to close

Snapdeal names Jason Kothari as FreeCharge CEO

Bengaluru: March 21, 2017, DHNS 0:00 IST

To invest $20 million

Jason Kothari

Jason Kothari

Snapdeal, run by Jasper Infotech, on Monday elevated its chief strategy and business officer Jason Kothari as the chief executive officer of Freecharge. The company also committed to invest $20 million in the payment business. Kothari, the former CEO of Housing.com, joined Snapdeal in January following the merger of SoftBank-backed Locon Solutions, which runs Housing.com, with PropTiger (Elara Technologies).

Besides continuing in his role at Snapdeal, Kothari will take up the additional charge at Freecharge, and will also become a director at the latter. The Softbank-backed Snapdeal acquired FreeCharge in April 2015 at a valuation of around $450 million. Assuming the charge, Kothari said the digital payments space in India is forecasted to be over $1 trillion by 2025.

“I’m excited to join the talented team at FreeCharge at such a high-growth and dynamic time in the industry, and expect FreeCharge to continue to play a key role in this digital payments revolution,” he said. The company will use the additional $20 million to investment to further ramp up its technology prowess. “The investment will further accelerate innovations and growth,” Snapdeal said in a statement.

New to the board
In an another development, Japanese conglomerate Softbank has appointed its most experienced ecommerce veteran Kabir Mishra to the Board of ecommerce firm Snapdeal to support the company. According to sources familiar with the development, Mishra’s appointment comes at a time Snapdeal is working hard to hit profitability in the next two years. Besides making structural changes by moving away from non-core activities, Snapdeal recently announced a number of steps, including layoffs,” said a source.

Mishra has for many years been closely involved in managing Softbank’s investment in Alibaba in China. He also played an anchor role in managing Softbank’s investment in Indonesian ecommerce major Tokopedia. He also involved in South Korean firm Coupang, where Softbank invested $1 billion in June 2015.

Go to Top

More from this section
Photo Gallery
Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

School students wear the customary yellow dress for Basant Panchami ...

School students wear the customary yellow dress for Basant Panchami ...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.