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September 2, 2014

FreeCharge gets $33m funding to promote its service

10 million registered users.

By CBR Staff Writer

Online recharge platform FreeCharge has raised $33m in second round of venture capital funding from investors including Sequoia Capital, ru-Net and Sofiana Capital.

The company plans to spend the proceeds to promote its brand in India, and to build new product line that will solve the pain points of marketers that will eventually benefits the consumers.

FreeCharge is a unit of Accelyst Solutions that provides special discount coupons to use its platform to top up their mobile phone plans and cable-TV subscription.

The coupons can be used to purchase a wide range of products which includes food items, fashion accessories and movie tickets.

FreeCharge claims that its platform links consumers directly to the marketers which impact the sales of the product.

Recently, it started using user insight to build new ad models where the purchase of offline products are providing customers with free talk time to be redeemed through the website.

Sequoia Capital India MD Shailendra Singh said: "As the company gains a critical mass of users, it will become an invaluable platform for brands to engage and target consumers with new insights that were unavailable earlier."

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