Former Axis Bank executive Mohit Jain has joined payments startup Freecharge as its MD and CEO. Jain has replaced Siddharth Mehta, who recently quit as the MD and CEO of the Axis Bank-owned startup.

“I’m happy to share that I’m starting a new position as MD & CEO at #freecharge,” Jain said in a recent LinkedIn post.

According to his LinkedIn profile, Jain worked with Axis Bank for over 16 years. In his previous role, he was managing commerce banking segments (SME) for the private sector bank. He also worked as the head of Bharat Enterprises and Institutional Businesses for Axis Bank.

Jain worked towards scaling up the corporate agri/ MSME business in semi urban rural markets as a part of larger Bharat Banking agenda, as per his Linkedin profile.

“Led the business ~ 2.5 x scale in 2 years. Also set up new lines of business (like co-lending), extended the geographic presence, broadened the customer segment and launched multiple products to holistically cater to a MSME @ Bharat (Semi Urban & Rural),” as per Jain’s Linkedin profile.

Founded by CRED founder Kunal Shah and Sandeep Tandon in 2010, Freecharge is a digital payments provider, offering services such as mobile recharges, bill payments and more via the UPI network and its native wallet. Ecommerce platform Snapdeal acquired Freecharge for around $400-$500 Mn in 2015. Later in 2017, Axis Bank acquired the digital payments platform.

The payments app claims to have over 100 Mn users in India. Freecharge reported an operating revenue of INR 287 Cr in FY22, while its net profit dropped to INR 23 Cr during the year from INR 37 Cr in FY21.

Earlier this year, the Reserve Bank of India (RBI) returned the application of Freecharge for payment aggregator licence and directed it to reapply within 120 days.