FreeCharge Raises $80 Million in New Funds

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By Press Trust of India | Updated: 6 February 2015 13:30 IST
Mobile transactions platform FreeCharge on Friday said it has raised $80 million (about Rs. 494 crores) from Valiant Capital Management, Tybourne Capital Management as well as the already invested firms.

The Series-C funding will bring new investors Valiant Capital Management and Tybourne Capital Management on board, FreeCharge said in a statement.

The round also saw participation from existing investors in the company, Sequoia Capital, RuNet and Sofina, it added.

FreeCharge is a mobile commerce platform where users can pay their mobile, DTH and utility payments across most major operators.

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It also has exclusive tie-ups as online promotions partner with consumer brands like McDonalds and Baskin Robbins.

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"We have been ahead of the curve and as a result, 85 percent of our transactions originate from mobile accompanied with very high customer loyalty. By virtue of the number of app transactions we drive, we are one of the biggest m-commerce players already," FreeCharge CEO Alok Goel said.

This round of funding will be primarily used for product innovations on mobile, team expansion and building FreeCharge as a household brand, he added.

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The company claimed that mobile transactions on Freecharge app have grown around 60x in the last one year driven through 10 million app downloads.

"This round of funding is a great validation of FreeCharge as a novel idea which can be scaled up to create a new category of itself. This has been made evident already with our existing customer base of more than 20 million," FreeCharge co-founder Kunal Shah said.
 

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