Total amount raised
$177.6 Million
Latest funding date
09/01/2017
Location
FreeCharge has successfully raised funding over 7 rounds, with notable investors including InnoVen Capital and Snapdeal. The platform offers a range of financial services such as online recharges, bill payments, and digital wallet services.
Keep reading to explore the intricacies of FreeCharge's fundraising journey and the investors backing this innovative platform.
What Is FreeCharge?
FreeCharge, based in Mumbai, Maharashtra, India, operates in the Coupons, E-Commerce, Internet, and Payments industries. The company has an employee count ranging from 251 to 500. It offers a variety of services, including online recharges, bill payments, and digital wallet functionalities.
Founded by Kunal Shah and Sandeep Tandon, FreeCharge has been acquired by Axis Bank. The platform provides a seamless payment experience for various utilities and services, catering to both individual users and businesses with its merchant solutions and payment gateway services.
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 platform and develop initial services.
- Series A
- Amount Raised: $2.7 million
- 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: $33 million
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series C
- Amount Raised: $80 million
- Date: February 2015
- Lead Investors: Tybourne Capital Management, Valiant Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and develop transaction advertising.
- Series D
- Amount Raised: $60 million
- Date: January 2017
- Lead Investors: Snapdeal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and scale market presence.
- Series D
- Amount Raised: $3.3 million
- Date: May 2017
- Lead Investors: Snapdeal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion of services.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: September 2017
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and enhance the platform's offerings.
Total Amount Raised: $179 million
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 and Southeast Asia. It has participated in multiple funding rounds for FreeCharge.
- Investment Focus Areas: Technology, E-commerce, Healthcare
- Notable Investments: Swiggy, OYO, Byju's
- Snapdeal
- Details: Snapdeal is one of India's largest e-commerce companies, offering a wide range of products across various categories. It has been a significant investor in FreeCharge, participating in multiple funding rounds.
- Investment Focus Areas: E-commerce, Technology, Consumer Goods
- Notable Investments: Shopo, Exclusively.in, FreeCharge
- Tybourne Capital Management
- Details: Tybourne Capital Management is an investment firm that focuses on long-term investments in public and private companies. It participated in FreeCharge's Series C funding round.
- Investment Focus Areas: Technology, Consumer, Financial Services
- Notable Investments: Uber, Airbnb, Flipkart
- Valiant Capital Partners
- Details: Valiant Capital Partners is a global investment firm that invests in both public and private markets. It was a new investor in FreeCharge's Series C funding round.
- Investment Focus Areas: Technology, Growth Companies, Consumer
- Notable Investments: Facebook, Alibaba, Pinterest
- Peak XV Partners
- Details: Peak XV Partners, formerly known as Sequoia Capital India, is a venture capital firm that invests in early and growth-stage companies. It led FreeCharge's Series A funding round.
- Investment Focus Areas: Technology, Healthcare, Consumer
- 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 new 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 seem promising, given the successful Series C funding round and the company's ambitious expansion plans. However, FreeCharge may face challenges such as competition from other mobile commerce platforms and regulatory hurdles in new markets. Maintaining user engagement and satisfaction will also be crucial as the platform scales.
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