Freecharge

Last updated

Freecharge
Company type Subsidiary
IndustryInternet
FoundedAugust 2010;13 years ago (2010-08)
FounderKunal Shah
Sandeep Tandon
Headquarters Gurugram, Haryana India
Area served
India
Key people
Sumit Bhatnagar (CEO)
ServicesRecharges, Bill Payments, UPI Money Transfers, Deals, Gift Cards, Mutual Funds
₹22.59 crore (US$2.7 million) (2022) [1]
Parent Axis Bank
Website www.freecharge.in

Freecharge is an Indian financial services company based in Gurgaon. It allows users to pay bills such as electricity, gas and telephone, as well as recharge mobile, broadband, DTH and metro cards.

On 8 April 2015, Snapdeal acquired Freecharge in what was referred to as the second biggest takeover in the Indian e-commerce sector at the time, after the buy out of Ibibo by rival MakeMyTrip. The deal was for approximately US$400 million in cash and stock. [2] [3] On 27 July 2017, Axis Bank acquired Freecharge for $60 million. [4]

History

Kunal Shah, founder of Freecharge Kunal Shah in FreeCharge T-Shirt.jpg
Kunal Shah, founder of Freecharge

Freecharge was founded in August 2010 by Kunal Shah and Sandeep Tandon. [5] [6] [7] After receiving seed funding of an undisclosed amount from Tandon Group and Sequoia Capital in 2010, [8] the company secured Series A funding of ₹200 million from Sequoia Capital in 2011. [9] In November 2012, the company claimed to be doing online recharge of ₹6 million on a daily basis, translating to ₹2.19 billion a year. [10]

In 2011, Freecharge was named one of the most promising technology startups from India by Pluggd.in. [11]

On 1 September 2014, Freecharge received $33 Million Series B Funding from Sequoia Capital, Sofina and Ru-Net, which was one of the biggest fund raising by an Indian technology startup. [12] 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. [13] 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. [14]

On 8 April 2015, Indian e-commerce firm Snapdeal acquired Freecharge for ₹2800 crore (US$400 million) in cash and stock. [15] In March 2017, Snapdeal announced Jason Kothari will be the new CEO of Freecharge. Snapdeal decided to invest $20 million into the same.

April 2016, FreeCharge rolls out Chat and Pay – feature in its app where merchants and customers can connect over chat and just initiate payments. [16]

On 18 May 2017, Jasper Infotech, which owns and operates Freecharge, decided to invest ₹22 Crore more in the company, [17] making it its third such investment.

On 27 July 2017, it was officially reported that Axis Bank bought out Freecharge for $60 million. [18]

On 22 March 2017, Ankit Khanna was appointed as COO. Prior to this, Khanna was the chief product officer of the company. [19]

March 30, 2018, FreeCharge enables BHIM UPI on its Digital Wallet platform. [20]

Digital Credit Cards were introduced by Freecharge on August 27, 2019. [21]

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References

  1. ↑ "Axis Bank Corporate Profile".
  2. ↑ Jayadevan, PK; Shrivastava, Aditi (8 April 2015). "Snapdeal buys Freecharge in biggest startup M&A". The Economic Times, India. Retrieved 8 April 2015.
  3. ↑ Mishra, Digbijay (6 April 2017). "SoftBank may sell Freecharge at 50% discount for $200m". Times of India.
  4. ↑ BIDKAR, CHINMAY (27 July 2017). "After Flipkart-Snapdeal Merger, Axis Bank Acquires Freecharge – TechStory". TechStory. Retrieved 27 July 2017.
  5. ↑ "Freecharge.in Launched, To Make Prepaid Mobile Recharge Virtually Free In India". The Telegraph. 20 August 2010. Retrieved 27 July 2013.
  6. ↑ Bhalla, Kritti (29 July 2020). "OYO's Ritesh Agarwal Sets Up Aroa Ventures To Invest In Early Stage Startups". Inc42 Media. Retrieved 19 August 2020.
  7. ↑ Maurya, Nilesh (27 November 2019). "The Art of Successful 'Failure': Founders who made big bucks after exiting startups they founded". cnbctv18.com. Retrieved 19 August 2020.
  8. ↑ Singh, Shailendra J. (13 April 2015). "How FreeCharge found its mojo, and Snapdeal". mint.
  9. ↑ "Freecharge Secures INR 20 Cr Series A Funding from Sequoia Capital". NextBigWhat.com. Next Big What. Archived from the original on 19 July 2013. Retrieved 27 July 2013.
  10. ↑ "Freecharge claims it is doing 40K mobile recharges a day; plans new features, mobile apps". VCCircle. Techcircle.in. Retrieved 27 July 2013.
  11. ↑ "2011's Most Promising Technology Startups from India [The List]". Pluggd.in. NextBigWhat. Archived from the original on 26 July 2013. Retrieved 27 July 2013.
  12. ↑ Shu, Catherine (1 September 2014). "FreeCharge, Which Gives Users Coupons For Charging Their Mobile Plans, Raises $33M Series B [The List]". Techcrunch.com. Techcrunch. Retrieved 1 September 2014.
  13. ↑ Doulatramani, Chandni (6 February 2015). "FreeCharge raises $80 million in new funds" . Retrieved 5 November 2015.
  14. ↑ Garia, Nikita (2 September 2014). "FreeCharge raises $33 million in Series B funding". FreeCharge raises $33 million in Series B funding – Livemint. Livemint. Retrieved 17 September 2014.
  15. ↑ "Snapdeal Acquires FreeCharge Online Recharge Service". NDTV Gadgets360.com. 8 April 2015. Retrieved 28 April 2016.
  16. ↑ Dhapola, Shruti (4 April 2016). "FreeCharge's 'Chat and Pay' feature is first step towards taking online payments offline".
  17. ↑ Gooptu, Biswarup (18 May 2017). "Jasper Infotech puts Rs 22 crore more into FreeCharge wallet". The Economic Times. Retrieved 26 August 2018.
  18. ↑ Archana, Alekh (27 July 2017). "Axis Bank buys FreeCharge from Snapdeal for Rs385 crore". mint.
  19. ↑ "FreeCharge names Ankit Khanna as COO". 22 March 2017 – via The Economic Times.
  20. ↑ Vinuraj, Varma (30 March 2018). "FreeCharge enables BHIM UPI on its Digital Wallet platform". DataReign.
  21. ↑ "Freecharge launches Digital Credit Cards powered by Axis Bank". www.indiainfoline.com. Retrieved 28 August 2019.
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