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FreeCharge denies allegations on PayPal 25 percent stake acquisition interests

Tuesday 27 December 2016 | 08:23 AM CET

FreeCharge, an Indian payments subsidiary of internet business Snapdeal, has denied reports regarding PayPal`s interest in acquiring 25% stake in the payments subsidary for around USD 200 million.

A FreeCharge representative, cited by 4-traders.com, clarifies that the rumours have no foundation and that the company has never been in talks with PayPal on the potential stake sale. Recently, PayPal demanded the Indian Government to block Paytm’s pending trademark application in light of the fact that the last’s logo is “deceptively and confusingly” like that of the US payments company.

PayPal in its notice said, “The impugned mark sought by the applicant [Paytm] is deceptively and confusingly similar to the opponent’s earlier trademark in as much as applicant has slavishly adopted the two-tone blue colour scheme of the opponent in its entirety.” the source cites. PayPal has asserted that it has been utilising its trademark since 1999 and is enlisted in all nations where it works, including India.

In recent news, PayPal has been reportedly considering stake acquisition in the Indian payments service provider FreeCharge, a payments subsidiary of the ecommerce business Snapdeal.

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