FreeCharge raises $80 million from Valiant, others

By Aditi Gautam Last updated Feb 6, 2015

how mobile wallet works,PayTM, MobiKwiK, Freecharge, mobile wallet providers, mobile wallets in india, mobile wallets wiki, mobile wallets rbi, paytm, payu, payumoney, payubiz, oxigen, oxigen wallet — Freecharge Freecharge is also another popular digital payments platform. Consumers across the country use Freecharge to make prepaid, post-paid, DTH and Electricity bill payments for numerous utility service providers in addition to leading online and offline merchants. Freecharge is PCI DSS compliant for information security and is at the forefront of the mobile commerce revolution with over 90 per cent of transactions originating from mobile. Freecharge Go, the virtual card was launched in January 2016, making Freecharge wallet the universally accepted wallet in India.Freecharge expanded its reach by partnering with payment aggregators like ePaisa, CCAvenue, Ezetap and Pine Labs to facilitate payments through Freecharge wallet at various PoS terminals and online payment gateways. The company has also forged partnerships with India’s leading brands like Shoppers Stop, McDonalds, Café Coffee Day, Cleartrip, RedBus, OYO to name a few. Freecharge’s innovations like the On-the-go-Pin and Chat-n-Pay service has also fueled rapid adoption of wallet.

Mobile transactions platform FreeCharge today said it has raised USD 80 million (about Rs 494 crore) from Valiant Capital Management, Tybourne Capital Management as well as the already invested firms.

The Series-C funding will bring new investors Valiant Capital Management and Tybourne Capital Management on board,
FreeCharge said in a statement.

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The round also saw participation from existing investors in the company, Sequoia Capital, RuNet and Sofina, it added.

FreeCharge is a mobile commerce platform where users can pay their mobile, DTH and utility payments across most major
operators.

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It also has exclusive tie-ups as online promotions partner with consumer brands like McDonalds and Baskin Robbins.

“We have been ahead of the curve and as a result, 85 per cent 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,” FreeCharge CEO Alok Goel said.

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.

“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,” FreeCharge co-founder Kunal Shah said.

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FreeCharge mcommerce