Freecharge Managing Director And Chief Executive Officer Siddharth Mehta Has Quit The Job

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According to Mehta’s LinkedIn account, he left Freecharge in February 2023, after a stint of nearly four times.Mehta first joined the  incipiency in July 2018 as a principal business officer, having been with Axis Bank for nearly three times before that. He replaced Sangram Singh who was hired by Axis Bank after acquiring Freecharge from Snapdeal in 2017. Singh had  also left the payments company to join Indifi Technologies, a lending tech incipiency, as  chairman, coming back to Axis Bank as  marketable banking group head. As per the Registrar of Companies (RoC) data, Mehta started his own fintech adventure, Gokiwi Tech Pvt Ltd, along with former Axis Bank and PayU superintendent Mohit Bedi.

The company was registered in November 2022 and named Stellaris Venture Partners’ Ritesh Banglani as one of the directors. The RoC mentions Gokiwi’s conditioning as “supplementary to fiscal intermediation, except insurance and pension backing”. At the time, the bank had stated that the accession would double its client base. Axis Bank got access to the 50 Mn Freecharge  druggies at the time of the accession. Under the lender, the payments app has grown significantly and has also turned profitable.   For FY22, Freecharge reported INR 287 Cr in operating  profit; whereas the  gains dropped to INR 23 Cr from INR 37 Cr in FY21, according to a Mint report. Before this time, the Reserve Bank of India (RBI) released a list of payment aggregators which had applied for a licence with the central bank.

While Freecharge was on the list, the RBI returned its  operation and directed it to reapply within 120 days. While Mehta’s relief at Freecharge isn’t yet known, it seems he has left to start his own fintech adventure. His LinkedIn shows that he served as the CEO of Freecharge until last month.   According to data from the Registrar of Companies, in November 2022, Mehta set up a new adventure named Gokivo Tech Pvt Ltd with former Axis Bank  superintendent Mohit Bedi.