Snapdeal on Monday announced the appointment of Jason Kothari as the CEO of FreeCharge and a commitment to invest an additional $20 million in the mobile wallet company which it had acquired.

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Bought for $400 million in 2015, Snapdeal now wants to sell Freecharge for $300 million

He takes over as Freecharge CEO after its former CEO Govind Rajan resigned a year after taking charge of the company. The Snapdeal subsidiary has been trying to play catch-up with competitor Paytm which has managed to surge ahead in the digital payments market after demonetisation.

Also read: Freecharge CEO Govind Rajan resigns a year after working in Snapdeal subsidiary

In addition to taking on the role of the CEO, Jason will continue his key leadership role as Chief Strategy & Investment Officer at Snapdeal. He will also join the Board of Directors of FreeCharge, said the company.

Kunal Bahl, Co-founder & CEO, Snapdeal, said, “As India moves towards a cashless and digital economy, we are certain that FreeCharge will play a pivotal role in the transition. We remain committed to the success and vision of FreeCharge. Jason is a strong, strategic and versatile business leader & entrepreneur who has already been the CEO of two successful companies. We are delighted to announce his leadership role at FreeCharge.”

Prior to joining Housing.com, Kothari was CEO & Vice Chairman of character-based entertainment company Valiant Entertainment, where he led the successful acquisition out of bankruptcy and turnaround of the Company resulting in a record return in the industry and media recognition calling the Company “Marvel 2.0”. Valiant raised $140 million from leading strategic investors, including the former CEO of Marvel Entertainment and Chinese media conglomerate DMG Entertainment.

Also read: Housing.com’s ex-CEO Jason Kothari to now join Snapdeal

Jason Kothari, Chief Executive Officer, FreeCharge & Chief Strategy & Investment Officer, Snapdeal, said, “The digital payments space in India is forecasted to be over $ 1 trillion by 2025. I’m excited to join the talented team at FreeCharge at such a high-growth and dynamic time in the industry and expect FreeCharge to continue to play a key role in this digital payments revolution.”