FreeCharge.in, India’s leading online mobile, DTH recharge company has raised 33 million USD in its series B funding. The investors for the fresh round includes existing investor Sequoia Capital along with Belgium bases Sofina and Russia based RuNet investment firms.
FreeCharge was founded in 2010 by Kunal Shah, Sandeep Tandon and Alok Goel which gives free coupons for each recharge done through the website. These coupons are delivered through e-mail, mobile phone which can be redeemed at various foods, entertainment, clothing stores like Dominos, KFC, Flipkart, Amazon, eBay etc.. The company has more than 10 milliion registered user base.
Alok Goel, CEO of FreeCharge said “’FreeCharge wants to be an offline-to-online bridge in a unique manner.” He also added that 70 of the FreeCharge transactions comes from mobile platforms and the company is growing more than 400 percent per year.
FreeCharge raised INR 20 crore in its series A funding back in January 2012 from Sequoia Capital and have grown with high rate in these last 2 years.
“Freecharge is one of the most exciting companies in our Indian portfolio with a highly innovative business model that has global appeal and scalability. We are happy to participate in the new round to support the new initiatives the company has embarked upon. The team has done an awesome job to position Freecharge among the leaders of the mobile recharge/payment and data analysis market in India and we believe the new round will help the company to grow even faster,” said Galina Chifina, investment officer at ru-Net.