Jason KothariSangram Singh (CEO)
|Services||Recharge & Bill Payment|
FreeCharge is an e-commerce website headquartered in Gurgaon. It provides online facility to recharge any prepaid mobile phone, postpaid mobile, DTH & Data Cards in India. On 8 April 2015, Snapdeal acquired Freecharge in what is being referred to as the second biggest take over in the Indian e-commerce sector so far, after the buy out of Ibibo by rival MakeMyTrip, and the biggest venture capital exit in India to date. The deal was for approximately $400 million USD as cash and stock.
On 27 July 2017 Axis Bank acquired FreeCharge for $60 million.
FreeCharge was started in August, 2010 by Kunal Shah and Sandeep Tandon. After getting seed funding of an undisclosed amount from Tandon Group and Sequoia Capital in 2010, the company secured Series A funding of INR 200 million from Sequoia Capital in 2011. In November 2012, the company claimed to be doing online recharge of INR 6 million on a daily basis, translating to INR 2.19 billion a year.
On 1 September 2014 Freecharge received $33 Million Series B Funding from Sequoia Capital, Sofina and Ru-Net. One of the biggest fund raising by an Indian Technology Startup. On 6 February 2015, FreeCharge further raised $80 Million from Hong Kong-based fund Tybourne Capital Management and SF-based fund Valiant Capital Management and existing investors. FreeCharge is building an advertising platform that will capture online and offline purchase behavior and brand preferences of consumers, by offering incentives and discount coupons to users to transact on its platform.
On 18 May 2017, Jasper Infotech, which owns and operates FreeCharge, decided to invest Rs. 22 Crore more in the company, making it its third such investment.
on 27th July 2017, it was officially reported that Axis bank have bought out FreeCharge for $60 million
Website and app
It provides online facility to recharge any prepaid mobile in India. The amount paid by the user for recharge is returned in form of shopping coupons of some of the top retailers in India, thereby making the recharge virtually free. The first two retailers for which coupons were available were McDonald's and Barista. and were followed by other big retailers such as Café Coffee Day, Domino's Pizza, Cromā, Puma, Shoppers Stop and Jet Airways. By January 2012, the number of registered users of the website were 1.5 million which increased to 2.8 million by November 2012.
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