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Freecharge in talks to raise Series C funding worth $50 Million

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Mumbai-based Online recharging platform Freecharge, is in talks with multiple investors, to raise a Series C Round worth $50 Million, VCCircle reported. Freecharge is owned by Accelyst Solutions Pvt Ltd.

As per a source close to the deal, Freecharge is talking to numerous investors, including its existing Sequoia Capital. These funds will help fuel Freecharge’s fight with close rival Paytm, which recently expanded its services to include e-commerce under its name.

Freecharge, which was founded in 2010 by Kunal Shah and 2 other co-founders operates an online recharge platform for refilling your DTH and prepaid mobile accounts. This will be freecharge’s second $30 Million+ round of funding within a span of just 3 months, and yet another indicator of India’s exponentially growing e-commerce space.

It had earlier raised $33 Million in a Series B round of funding, which was led by Sequoia Capital with Belgium-based investment company Sofina and Russia-based VC firm ru-Net being the other two investors.

During its Series B funding, Freecharge boasted of a 10 million strong registered user base, and that mobile transactions on Freecharge’s app had increased 30 times since the beginning of this year, with 70 percent of transactions now coming from its mobile app.

Freecharge recently introduced a new, “Voice Recharge” feature on its mobile app which lets you recharge your mobile or DTH using voice commands. The company had earlier raised a Series A funding worth just over $3 Million from Sequoia Capital in January 2012.

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.

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