Snapdeal to invest $20 million in company

NEW DELHI: Snapdea has announced the appointment of Jason Kothari as the Chief Executive Officer of FreeCharge and a commitment to invest an additional $20 million in the company.

FreeCharge takes pride in being the most convenient, safest and fastest digital wallet in the country and the investment will further accelerate innovations and growth.

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

Kunal Bahl, Co-founder & CEO, Snapdeal, said, “As India moves towards a cashless and digital economy, we are certain that FreeCharge will play a pivotal role in the transition. We remain committed to the success and vision of FreeCharge. Jason is a strong, strategic and versatile business leader & entrepreneur who has already been the CEO of two successful companies. We are delighted to announce his leadership role at FreeCharge.”

Most recently, Kothari was CEO of Softbank-backed online real estate company Housing.com, where he led the successful turnaround of the Company from a position of distress to a market leader in one and a half years using organic and inorganic growth.

Under his stewardship, Housing.com changed its business strategy & plan, raised an additional round of funding from lead investor Softbank, and achieved key operating results, such as increasing revenue by 400%. During this period, the Company also won multiple awards for reputation management, including ‘Rise of the Phoenix’ gold award by India Public Relations and Corporate Communications Awards (IPRCCA), was named one of the most sought after employers in the country by LinkedIn, and a case study on the turnaround of Housing.com was taught at Harvard Business School.

Prior to joining Housing.com, Kothari was CEO & Vice Chairman of character-based entertainment company Valiant Entertainment, where he led the successful acquisition out of bankruptcy and turnaround of the Company resulting in a record return in the industry and media recognition calling the Company “Marvel 2.0”. Valiant raised $140 million from leading strategic investors, including the former CEO of Marvel Entertainment and Chinese media conglomerate DMG Entertainment.

Jason Kothari, Chief Executive Officer, FreeCharge & Chief Strategy & Investment Officer, Snapdeal , 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.”