Business, Investments

FreeCharge Raises USD 33M in Series B from Sequoia Capital and Others

FreeCharge, Indian online platform for recharge, utility payments, promotions and couponing, has raised USD 33 million in Series B funding from Sequoia Capital, Sofina and RuNet. Freecharge is building an advertising platform that captures online and offline purchase behaviour and brand preferences of consumers, by offering incentives and coupons to users to transact on its platform.

At present, the company has more than 10 million registered users. FreeCharge also recently acquired Preburn, in addition to Wishberg, its first acquisition.

Shailendra Singh, Managing Director of Sequoia Capital India Advisors Pvt. Ltd., said “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.”

Alok Goel, CEO of FreeCharge, speaking about the Series B round of funding, said, “We have been able to assemble one of the best start-up teams in the country and are leading the mobile internet revolution in India. 70% of our transactions come from mobile platforms and we are growing more than 400% year on year.”

Kunal Shah, Co-Founder, FreeCharge, speaking about the development said, “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”.

Sandeep Tandon, Co-Founder, FreeCharge, speaking about the development said, “In addition to the confidence shown by the investors we are most excited about our team.  We have assembled a truly a world class team  with  the best of Technology and business innovation.  I am just delighted that we will be on this journey together.”

The company has added Gokul Rajaram, Koh Boon Hwee, Dhiraj Rajaram to its board of advisors.

Gokul Rajaram is known as father of Google AdSense, Ex Head of Monetization Product for Facebook and currently Head of Product at Square, said, “FreeCharge has built a unique and innovative advertising platform that’s great for both consumers and advertisers. My experiences building ad systems at Google and Facebook have shown me that next-generation ad platforms need to deliver value on both sides of the equation, and FreeCharge does this in an elegant and powerful way.”

Koh Boon Hwee, speaking about the development said, “The FreeCharge business model is absolutely a novelty.  It has not been tried anywhere else in the world. The model builds on top of a massive telecom consumer base and can certainly be replicated by the freecharge team in various other countries and continents”.

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