Axis Bank-owned Freecharge posts ₹42 crore loss
Freecharge, the digital payments app owned by Axis Bank, swung to a ₹42 crore loss in the year ending March 2025—a sharp turnaround from its ₹79 crore profit last year.
Revenue also dropped 35% to ₹297 crore, according to its latest financial filings.
Revenue dropped 35% year-on-year
The main reason for the dip: tech service provider fees (almost half of Freecharge's income) fell by 16%, and business support fees from Axis Bank plunged by 96%.
While commission fees did rise nearly threefold, it wasn't enough to offset losses.
Expenses nudged up slightly—mainly due to higher employee costs—even as Freecharge slashed ad spending by 87% to save cash.
Cash reserves grew to ₹139 crore
Freecharge's return on capital and margins have both slipped into negative territory, but its cash reserves actually grew to ₹139 crore.
The company has seen big shifts since being acquired by Axis Bank in 2017—now it faces some tough choices on how to bounce back in an ultra-competitive fintech market.