FreeCharge, an online mobile recharge & utility bill payment company has disclosed its recent $80 million series C round of funding from San-Francisco based Valiant Capital Management & Hong-Kong based Tybourne Capital Management along with existing investors. The existing investors which participated in the round include Sequoia Capital, RuNet & Sofina.
Earlier it raised $33 million in Series B in September last year. The current round makes the total funding in Freecharge close to $117 million.
The company started in 2010 for easing prepaid & postpaid mobile recharge via internet along with offering coupons & rewards for such transactions. It will be using this round of funding mainly for product innovation, team & expansion. It will stay focused on the Indian market before venturing into other international market, said CEO, Alok Goel.
As per the company it has a user base of more than 20 million and its app received more than 10 million downloads within last year, 85% of its transactions come only from mobile.
Another competing firm PayTM also recently disclosed its deal from Alibaba’s Finance Arm Ant Financial which is close to $575 million as per a few media reports.