The funding will be primarily used for product innovations on mobile, team expansion and building FreeCharge as a household brand.
FreeCharge, India’s fastest growing mobile transactions platform, announced that it has raised $80 million in Series-C funding. As part of this round, new investors Valiant Capital Management & Tybourne Capital Management came on board. The round also saw participation from existing investors, Sequoia Capital, RuNet and Sofina.
FreeCharge is a mobile commerce platform where users can pay their mobile, DTH and utility payments across most major operators. The company recently launched FreeCharge ‘Delights’ which allows consumers to get rewarded for all purchases from leading e-commerce players in India. It also has exclusive tie-ups as online promotions partner with leading consumer brands such as McDonalds and Baskin Robbins.
Alok Goel, CEO, FreeCharge said, "FreeCharge is at the forefront of the mobile commerce revolution which is taking place in India right now. We have been ahead of the curve and as a result, 85% 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.”
“This round of funding will be primarily used for product innovations on mobile, team expansion and building FreeCharge as a household brand,” he added.
The company claimed that mobile transactions on Freecharge app have grown around 60x in the last one year driven through 10 million app downloads.
Kunal Shah, Co-Founder, FreeCharge said, “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.”
Sandeep Tandon, Co-Founder, FreeCharge said, “2014 has been a year where the innovative work put in by the team has been widely recognised. At the presitigious IAMAI awards FreeCharge won the Best Consumer Mobile Service & Best E-commerce Website (Specialized Category) in India. We also bagged the Effie award for our launch marketing campaign Recharge Nahi FreeCharge."