Freecharge, is an Indian digital marketplace for financial services based in Gurugram, Haryana, India. Freecharge services are available across a range of financial instruments including savings, payments, insurance, investment and lending. The company’s focus is to create an ecosystem of innovative products and features that enables cashless transactions. Freecharge consumers can pay utility bills, pay Landline bills or recharge Mobile, Broadband, DTH and Metro cards. In addition, Freecharge powered by Axis Bank enables the users to invest in mutual funds and get easy credit through Freecharge EMI. Freecharge UPI and payment gateway allows consumers to instantly send or receive money, shop at leading offline and online merchants across categories movies, entertainment, food, shopping, travel to get cashback & discounts. 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 US$400 million as cash and stock. On 27 July 2017, Axis Bank acquired Freecharge for $60 million.
History
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. In 2011, Freecharge was named one of the most promising technology startups from India by Pluggd.in. 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. 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 8 April 2015, Indian e-commerce firm Snapdeal acquired Freecharge for Rs.2800 crore in cash and stock. In March 2017, Snapdeal announced Jason Kothari will be the new CEO of Freecharge. Snapdeal decided to invest $20 million into the same. 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 27 July 2017, it was officially reported that Axis Bank bought out Freecharge for $60 million On 27 August 2019, Freecharge launched Digital Credit Cards that empowers these digital natives with easy access to credit, that comes with an instant and seamless experience, while also being flexible and secure.
