FreeCharge the Online Mobile Recharging Platform has Raised $80Mn around Rs.480 Crores in Series C Funding Round. The Funding Was Raised from Hong Kong based Tybourne Capital Management and Valiant Capital Management.
The round also saw participation from Existing Investors Equoia Capital, RuNet and Sofina.The Funds Raised from this round will be primarily used for product innovations on mobile,marketing and team expansion.
The company will shift its focus from the expanding to other countries like Indonesia, the US, Latin America and Europe and look only at India. “There is immense opportunity in the country and we will focus on this market before venturing to international markets.”Said Alok Goel, CEO of FreeCharge.
Freecharge offers discount coupons from food joints and popular retailers, equivalent to recharge amount processed on the website. The website claims of 20 million users and that the transactions on their mobile app has gone up by 60x over the past year.
FreeCharge has been valued at about $350 million post-money, which refers to the value of a company after it receives outside funds or soon after the latest infusion of funds.