Yet another online and mCommerce platform sees massive funding in sync with the smartphone explosion in India. FreeCharge has recently raised US$80 million in series C funding in which investors like Valiant Capital Management, Tybourne Capital Management, Sequoia Capital, RuNet, and Sofina participated. This latest funding brings FreeCharge’s total raised so far to about US$115 million.
FreeCharge’s unique business model involves giving its users coupons and other rewards when they pay their phone, satellite television, and utility bills, which can later be redeemed at eCommerce sites like Flipkart and Amazon In. or shops like McDonalds and Baskin Robbins. The participating vendors receive customer behavior information from FreeCharge. With its mobile app being downloaded 10 million times last year, apparently it now has a customer base of more than 20 million. The company will be using this growing user base for taking their current targeted marketing practices even further.
The company has been working on building brand awareness via its TVC since September 2014. Check out their commercial which received more than 1.5 million views on YouTube to this date.
The latest round of funding will be used for team expansion, marketing, and product innovation on mobile. With mCommerce growing as a driving force in the Indian startup sector along with this recent massive funding, FreeCharge is sure to grow at an even greater rate now.