Freecharge was established in 2010 by Kunal Shah and Sandeep Tandon. Begun as an on the web and m-trade stage, it saw gigantic development throughout the years and brought $113M up in financing over different rounds, last of which was a $80M Arrangement C round in February 2015. In April 2015, Snapdeal procured FreeCharge, in the biggest ever M&A bargain in the Indian web history.
Inside five months of the obtaining (October 2015), FreeCharge propelled the FreeCharge wallet. FreeCharge cases to have an expected 10-seconds installment time and a 99% achievement rate. The organization brags of a 70% devotion rate and a use rate of more than five times each month, per client.
Not long ago Freecharge likewise reported a mix permitting their clients to utilize Whatsapp to send and get cash.
Govind joined Freecharge in August 2015 and was so far the Head Working Officer (COO) of the organization.
In his past spells, Govind was the Head Showcasing Officer (B2C) at Bharti Airtel and simultaneously likewise served as the Chief for Airtel Cash. A former student of Indian Foundation of Remote Exchange (IIFT), Govind put in the initial 15 years of his expert life at Hindustan Unilever, where he served in different showcasing and administration parts.
In 2011, the organization secured Arrangement A financing of INR 200 Million from Sequio Capital. These outcomes in the no bound development of organization; in November 2012, the FreeCharge guaranteed to do online energize of INR 6 Million on regular schedule meaning INR 2.19 bn a yr. On that year in 2011, FreeCharge was named a standout amongst the most encouraging innovation new businesses from India by Pluggd.in.
In September 2014, Freecharge got Arrangement B financing of $33 Million from Sequio Capital, Safinaand Ru-net. Around then, it was the greatest gathered pledges by an Indian Innovation Startup. Proceeding with further, In 2015 FreeCharge raised $80 Million from Hong Kong based store Tybourne Capital Administration and SF based reserve Valiant Capital Administration and existing. Organization used these subsidizing on development on group size, advancement and added built heads to the group.
Snapdeal Takeovers Freecharge
In 2015, The FreeCharge group was on the seventh billow of certainty on what the organization could get to be. The board individuals have the arrangement to develop net stock esteem very nearly five years in next one year and FreeCharge has $90Millions in the financial balance to arrive.
Be that as it may, here comes the biggest mergers and acquisitions bargain in India; it was the converging of FreeCharge with Snapdeal. It began when Kunal Bahal, prime supporter and President of Snapdeal reached, Kunal Shah. The meeting occurred in Mumbai alongside Rohit Bansal, Prime supporter and COO of Snapdeal; Alok Goel, President of FreeCharge and Sandeep Tandon, Fellow benefactor of FreeCharge. They proposed the thought to combine FreeCharge to Snapdeal. Things moved speedier and in Feb 2015, the leading body of FreeCharge consented to 21 days of selectiveness to assemble the two organizations. In 22 days, the biggest merger and securing bargain in India was marked and shut.
After the merger, FreeCharge can work as an autonomous stage and all parts of FreeCharge’s shopping knowledge are in place.
FreeCharge has more than 20 Million clients who utilize the site to energize their cell phone accounts. Also, pay service bills. More than 85% of exchanges come through cell phones. Generally 50% of its clients have their Mastercard points of interest put away on the site which makes them appealing as potential clients for Snapdeal.