Freecharge CEO quits to launch his own fintech startup

Siddharth Mehta, the former Managing Director and CEO of Freecharge, has reportedly left the company to start his own venture. Mehta was appointed to the position in August 2019, and his tenure was set to end in August 2023. However, he left the company in February 2023, according to his LinkedIn profile.

Mehta, along with former Axis Bank executive Mohit Bedi, has started a new venture called Gokiwi Tech Pvt. Ltd. in November 2022, according to the Register of Companies (ROC) data. The departure of Mehta has been confirmed by an Axis Bank spokesperson.

Freecharge, which was acquired by Axis Bank in 2017, has grown significantly in terms of revenues and has turned profitable. For FY22, the company reported Rs 287 crore in operating revenue, with profits dropping to Rs 23 crore from Rs 37 crore in FY21.

Mehta's departure from Freecharge is a loss for the company, given his experience and expertise in the fintech industry. However, his decision to start a new venture is an indication of the growing interest in the startup ecosystem in India.

The Indian startup ecosystem has seen a surge in activity over the past few years, with a growing number of entrepreneurs and investors entering the space. The country is now home to a large number of unicorns, with several startups achieving billion-dollar valuations.

Overall, Mehta's departure from Freecharge is a reminder of the dynamic nature of the startup ecosystem and the importance of innovation and agility in the face of change.