The online mobile phone recharging service has raised funds from from Sequoia Capital, Sofina and Ru-Net
FreeCharge, an online mobile phone recharging service, said that it has raised $33 million (around ₹ 200 crore) from Sequoia Capital, Sofina and Ru-Net.
FreeCharge is building an advertising platform that will capture online and offline purchase behaviour and brand preferences of consumers, by offering incentives and discount coupons to users to transact on its platform.
“We are innovating at breakneck pace in the mobile app ecosystem and this round of funding will go a long way in establishing FreeCharge as a household brand in the country," Kunal Shah, co-founder, FreeCharge, said in a statement.
The company, which has around 10 million registered users, also recently acquired mobile app start-up Preburn. Social wishlist site Wishberg.com was its first acquisition.
“FreeCharge is creating a unique new category, an advertising platform with the ‘consumption graph’ for the most valuable online consumers. We are very impressed with the team’s execution and the rapid growth and engagement of users on the platform," Shailendra Singh, managing director of Sequoia Capital India Advisors Pvt. Ltd said in a statement.
FreeCharge is an online mobile recharge site where users can recharge their prepaid mobile phones and data cards, and pay the bills for their postpaid mobile phones.
The firm said that it is growing at 400% year-on-year and that 70% of the transactions are made through mobile devices.
Sequoia Capital in India manages funds capitalized at close to $2 billion and its India investments include Capillary Technologies, Druva Software, Justdial, Micromax, Mu Sigma, Pine Labs, Practo, Prizm Payments, Quick Heal, Truecaller and Zomato. Sofina is a Belgium-based investment company listed on the Brussels Stock Exchange. Ru-Net is a Russia-based venture fund.
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