Freecharge.in Raises Rs. 20 Crores Series A Funding from Sequoia Capital
Freecharge.in made an announcement today of their fund raising news. The funds will be used to add new products, add merchants who can use Freecharge to target consumers, and to advertise the service to consumers. The company received a seed investment from Sequoia Capital in 2011, followed by a Series A more recently.
Shailendra Singh, Managing Director, Sequoia Capital said, “Freecharge has created a new online model, enabled by couponing. We were attracted to Freecharge because it isn’t another daily deals site, but one that leverages a very localized phenomenon of pre-paid mobile and DTH services, to generate demand for large merchants. Freecharge allows merchants to publicize offers, that consumers pay a small fee for, thereby establishing very strong intent. Some of the e-commerce merchants that offer coupons on Freecharge have seen their sales grow 50-100% due to Freecharge alone.”
Freecharge provides free recharge for a range of services including mobile, DTH TV and data card for internet services. Freecharge.in has currently partnered with over 50 retailers including McDonalds, Barista, Café Coffee Day, Fastrack, Puma, Domino’s, Crossword, Croma, Shoppers Stop, Pizza Hut and a host of e-commerce websites.
Kunal Shah, Founder of Freecharge.in spoke to us sometime back on their revenue model and expansion plans. Click here to read the interview.