Total amount raised
$177.6 Millions
Latest funding date
09/01/2017
Location
FreeCharge has successfully raised funding through multiple rounds, with its last known funding type being a "Venture - Series Unknown" round. The company was notably acquired by Axis Bank for $60 million in 2017.
With a diverse range of services including online recharges, bill payments, and personal loans, FreeCharge continues to innovate in the digital financial services space. Keep reading to explore the intricacies of FreeCharge's fundraising journey and the investors backing this dynamic platform.
What Is FreeCharge?
FreeCharge, founded in 2010 by Kunal Shah and Sandeep Tandon, is headquartered in Mumbai, Maharashtra, India. The company offers a range of digital financial services, including online recharges, bill payments, and personal loans. With a workforce of 251-500 employees, FreeCharge continues to innovate in the digital financial services space.
How Much Funding Has FreeCharge Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A
- Amount Raised: ₹200M
- Date: January 2012
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance the platform's features.
- Series B
- Amount Raised: $33M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $80M
- Date: February 2015
- Lead Investors: Tybourne Capital Management, Valiant Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into transaction advertising and support growth in Southeast Asia, Latin America, and Africa.
- Series D
- Amount Raised: ₹3.9B
- Date: January 2017
- Lead Investors: Snapdeal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform and expand its service offerings.
- Series D
- Amount Raised: ₹220M
- Date: May 2017
- Lead Investors: Snapdeal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and improve customer experience.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: September 2017
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for strategic initiatives and growth.
Total amount raised: $113M (approx.)
Current valuation: Not publicly disclosed
Key Investors
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides debt capital to high-growth companies in India, Southeast Asia, and China. It is backed by Temasek Holdings and United Overseas Bank.
- Investment Focus Areas: Technology, consumer services, healthcare.
- Notable Investments: Swiggy, Byju's, OYO Rooms.
- Snapdeal
- Details: Snapdeal is an Indian e-commerce company based in New Delhi, India. It was founded by Kunal Bahl and Rohit Bansal in 2010.
- Investment Focus Areas: E-commerce, technology, logistics.
- Notable Investments: FreeCharge, Shopo, Exclusively.in.
- Tybourne Capital Management
- Details: Tybourne Capital Management is an investment firm that focuses on long-term investments in public and private companies. It is based in Hong Kong.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Flipkart, Airbnb, Spotify.
- Valiant Capital Partners
- Details: Valiant Capital Partners is a global investment firm that invests in public and private companies across various sectors. It was founded by Chris Hansen in 2008.
- Investment Focus Areas: Technology, consumer services, financial services.
- Notable Investments: Facebook, Alibaba, Uber.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that invests in early and growth-stage companies. It was founded in 1972 and is based in Menlo Park, California.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, WhatsApp.
What's Next for FreeCharge?
FreeCharge is poised to capitalize on significant opportunities, particularly in transaction advertising and expanding into emerging markets like Southeast Asia, Latin America, and Africa. With a customer base exceeding 20 million and a mobile app downloaded 10 million times in the past year, the potential for growth is substantial.
Future fundraising opportunities are likely as FreeCharge continues to attract interest from both new and returning investors. The company's expansion plans and innovative services make it an attractive prospect for further investment rounds. However, challenges such as competition from other digital payment platforms and regulatory hurdles in new markets could pose obstacles.
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