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Siddharth Mehta, the Managing Director and CEO of Axis Bank-owned payments wallet company Freecharge, has quit the company to start his own venture.

Freecharge onboarded Mehta as the MD for a four-year tenure from August 20, 2019, to August 19, 2023, as reported by Mint. He had replaced Sangram Singh.

As per Mehta’s LinkedIn account, he left the payment wallet startup in February 2023. His replacement is not known yet.

As per reports, an Axis Bank spokesperson confirmed Mehta’s departure.

Mehta set up a new venture named Gokiwi Tech Pvt. Ltd., along with Mohit Bedi, a former Axis Bank executive, in November 2022, according to the Register of Companies (ROC) data.

Freecharge declined to comment on the queries sent by YourStory.

Axis Bank acquired the payments wallet startup for Rs 373 crore in an all-cash deal in October 2017. It had said that Freecharge’s acquisition would double the bank’s customer base and jumpstart its digital journey.

The startup reported Rs 287 crore in operating revenue in FY22, although the profits dropped to Rs 23 crore from Rs 37 crore in FY21, according to the company’s financials.

Freecharge had also applied for a payment aggregator licence to the Reserve Bank of India (RBI). However, the RBI returned the application last month and asked the company to re-apply within 120 days.