HOME > BUSINESS > Snapdeal appoints Jason Kothari as CEO of Freecharge, commits funds

Snapdeal appoints Jason Kothari as CEO of Freecharge, commits funds

E-commerce firm Snapdeal said it has appointed former housing.com CEO Jason Kothari as the Chief Executive Officer of its wallet service FreeCharge at a time when competition in the mobile payments space is at an all-time high.

Contrary to rumors of a cash crunch, Snapdeal said it will invest an additional $20 million in Freecharge.

Freecharge, India’s second largest mobile wallet service, is engaged in a do-or-die battle with market leader PayTM, which has grown extremely fast after demonetization of 500 and 1000 rupee notes in November provided a big boost to wallet and payment companies.

In addition to taking on the role of the CEO, Jason will continue as Chief Strategy & Investment Officer at Snapdeal. He will also join the Board of Directors of FreeCharge, Snapdeal said.

Snapdeal, one of the top three online retail companies in India along with Amazon and Flipkart, had raised hundreds of millions of dollars in the last few years as investors vied with each other to fund ecommerce startups in India.

However, with global giant Amazon upping the ante by committing billions of dollars and outspending local rivals, investor enthusiasm for online retail companies has taken a dive.

Kothari joined Snapdeal in January this year and was put in charge of managing Freecharge as part of Snapdeal’s investment portfolio. Last month, Freecharge’s CEO Govind Rajan put in his papers.

Prior to joining Housing.com, Kothari was CEO & Vice Chairman of character-based entertainment company Valiant Entertainment.

Follow ULTRA.news
JIO Wallet Offers: Paytm, Amazon, PhonePe give cashback on 399 recharge Wallet players like Paytm, Mobikwik, PhonePe and AmazonPay have come up with cash back offers for Reliance Jio users who want to take advantage of the Rs 399 recharge scheme valid till today midnight.Last week, India's largest wireless Internet provider said anyone rechargin...
Don’t ignore cards in the era of mobile payments – SBI The ongoing rollout of Bharat QR and other mobile payment systems could result in some pain for banks as it could make it harder for their card or PoS business to become profitable.According to an estimate by the State Bank of India, card swipe transactions cost significantl...
Indian CEOs find themselves under promoter’s shadow – survey Indian promoters are unwilling to give total management control to professional boards and managers, a survey by Assocham has revealed.A majority of the corporate firms have promoters' holding well over 50 per cent and even those with much lower stake are not willing to bet ...
I’m not here to stay – Nandan Nilekani on Infosys Former Infosys CEO Nandan Nilekani, who took over as Chairman of the company to resolve the tension between key shareholders and the management, said he did not join the IT company to run it.He said he was not in the company to step into the shoes of Vishal Sikka, the CEO who...
INFOSYS Board Backs Vishal Sikka, criticizes Murthy Infosys Ltd director board today came out strongly in support of ex-CEO Vishal Sikka and issued a strong rebuttal to a letter released by Infosys founder Narayana Murthy.Earlier in the day, Murthy was scathing in his review of the actions taken by the company and its board in...
WATCH LIVE: Vishal Sikka Press Conference on Resignation from Infosys Infosys co-chairman Ravi Venkatesan today assured investors and employees of Infosys that the changes brought about by Vishal Sikka will not be rolled back or lost with the exit of the CEO.Venkatesan was speaking at the press conference organized by the company to address wor...
FULL TEXT: Vishal Sikka’s resignation letter to Infosys board Vishal Sikka, the SAP-veteran who took over as the CEO of Infosys four years ago, has put in his papers after continuing differences of opinion with some of the key shareholders. He will, however, continue as the vice chairman of the company.He also wrote a long letter to the...
SBI, IOB and Corp Bank only PSBs to charge for mobile NEFT Only three public sector banks -- State Bank of India, Indian Overseas Bank and Corporation Bank -- levy charges on even the smallest money transfer done via mobile phones using the National Electronic Fund Transfer or NEFT facility, data compiled from public sector banks show. ...
India bitcoin law not ready yet – Finance Ministry Finance Minister Arun Jaitley said there was no law on the use of bitcoin and similar crypto currencies in India, and users of such currencies may not get recourse to legal remedies for any damage.However, Jaitely added that the government has set up a committee that is expec...
Former HUL Vice Chairman joins Infosys board Infosys said it appointed Unilever veteran D Sundaram as an independent director.He is currently the Vice Chairman and MD of TVS Capital Funds Ltd."He joined Unilever Group in 1975 and served in various leadership capacities in Unilever Group in a career spanning over 34 ...
SN Subrahmanyan takes over as Larsen & Toubro CEO Larsen & Toubro Deputy Managing Director and President S.N. Subrahmanyan has taken over as CEO and Managing Director with effect from today.SN SubrahmanyanHe has been on the company's board since 2011 and was named the new CEO in April this year.At the meeting on Apr...
Credit, debit card fraud down sharply this year in India Credit Card Fraud in IndiaIncidents of fraud and theft involving credit and debit cards have fallen sharply in the current financial year, according to data for the first nine months provided by the Reserve Bank of India.While the exact reasons for the sharp decrease is ...
Wipro’s TK Kurien steps down earlier than expected After TCS' Chandrasekaran, it is the turn of Wipro's former CEO and current executive vice chairman TK Kurien to retire. He was expected to step down in March.He will step down at the end of this month, a year after he was moved out of the CEO position.“TK and Abid ha...
N Ganapathy Subramaniam appointed new TCS COO COO N Ganapathy SubramanianTata Consultancy Services said it made two appointments in the wake of the departure of Chief Executive officer N Chandrasekaran: N. Ganapathy Subramaniam, elder brother of outgoing CEO Chandrasekaran, has been appointed as the chief operating offi...
PayTM adds support for UPI payments Customers of PayTM, India's largest wallet service can now make payments using the Unified Payments Interface, the government of India's open payments platform.The company has signed up with ICICI Bank be able to receive payments from its customers who are on the UPI platform...
BEST bus users can now pay using Freecharge and Ridlr Freecharge, owned by Snapdeal, said users of BEST public transport buses in Mumbai can pay for their tickets using its wallet service.This has been achieved by tying up with Ridlr, the official mobile ticketing app partner of BEST."BEST commuters can now pay for thei...
Freecharge ties up with ICICI Bank to offer POS services Snapdeal-owned FreeCharge has tied up with ICICI Bank's Merchant Services, which will allow consumers to pay their bill at over 1 Lakh ICICI stores with their Freecharge accounts.These merchants are located at across 700 cities and towns in India, the company said. "FreeC...
Card payments slow as people start swiping more after Demonetization Swiping a debit or credit card at the local grocery store or supermarket is supposed to be the best way to beat the demonetization blues, but going by social media feedback, these networks are getting overloaded as well.In fact, our own staff have found that they have had to ...
SBI starts accepting UPI payments State Bank of India, India's largest bank, has started accepting UPI payments from customers of other banks.However, outgoing payments are yet to be enabled from an SBI account to other accounts.UPI refers to a new way of making instant payments.Instead of enterin...
Razorpay introduces e-cash on delivery using UPI Razorpay, a payment processing company, announced eCOD, a new service that lets customers pay for deliveries after the delivery is actually made.Unlike other recent offerings like Wallet on Delivery etc, Razorpay has built in support for UPI -- which means that you can pay di...
CASH CRUNCH: Freecharge signs up new merchant every 30 seconds Snapdeal-owned Freecharge said it is now signing up a new merchant every 30 seconds, possibly a result of the cash-related problems faced by consumers and businesses alike.The company had recently removed sign up charges for merchants and waived fund transfer charges as well....
Suneel M Advani to take over as Chairman of Blue Star Air conditioning giant Blue Star Ltd said its Vice Chairman Suneel M Advani will be elevated as the Chairman of the company from 1st December.The current Chairman Ashok M Advani who will turn 75 on November 17 will retire after 47 years of service and will be re-designated as...
Mobikwik, Freecharge start wallet on delivery services As the e-commercial sector is facing issues with the money demonetization, the E- payment platform MobiKwik and Freecharge have forward with methods that can be helpful for the e- tailers.Mobikwik said it will offer ‘MobiKwik on delivery’ option for e-tailers to replace ‘Cash...
No cash? Now pay for your gas cylinder via Freecharge Wallet provider Freecharge, one of the first to support the new UPI platform, has now tied up with Indian Oil to let customers make payments for gas deliveries via a PIN number.Once the pin number is provided to the gas delivery boy, the amount will be deducted from your Free...
Vinod Sawhny resigns as Reliance Communications CEO ahead of Aircel merger looms Reliance Communications said its CEO Vinod Sawhny resigned  with immediate effect for personal reasons."We wish to inform you that the Company has accepted request of Mr. Vinod Sawhny to step down as Chief Executive Officer of the Company with effect from September 30, 2016 t...