Startupidia

Freecharge

Freecharge is an Indian financial technology company headquartered in Gurgaon, India, specialising in digital payment solutions. Founded in 2010 by Kunal Shah and Sandeep Tandon, it provides services such as mobile recharges, utility bill payments, and digital wallet transactions. Initially launched as a platform offering discount coupons for prepaid mobile recharges, Freecharge expanded into a comprehensive fintech platform, including postpaid mobile, DTH, and electricity bill payments. Acquired by Snapdeal in 2015 for approximately US$400 million and later by Axis Bank in 2017 for US$60 million, Freecharge remains a key player in India's digital payments ecosystem, competing with platforms like Paytm and PhonePe.[1][2]

Freecharge
Company typePrivate
IndustryFintech
FoundedAugust 15, 2010; 14 years ago (2010-08-15) in Mumbai, India
Founder
Headquarters
Gurgaon
,
India
Area served
India
Key people
Mohit Jain (MD & CEO)
Products
  • Digital wallet
  • Mobile recharge
  • Bill payments
  • Digital credit cards
Services
  • Online recharges
  • Utility bill payments
  • Peer-to-peer payments
Revenue₹287 crore (FY22) (2022)
Number of employees
1,762 (2024)
ParentAxis Bank
Websitefreecharge.in

Founders & Leadership

  • Kunal Shah (Co-founder): A prominent Indian entrepreneur, Shah holds a degree in philosophy from Wilson College, Mumbai, and briefly pursued an MBA at Narsee Monjee Institute of Management Studies before dropping out. He founded Freecharge in 2010 and later CRED in 2018. Shah served as Freecharge's CEO until 2012 and is known for his contributions to India's fintech ecosystem.[3]
  • Sandeep Tandon (Co-founder): An engineer by training, Tandon has a background in technology and entrepreneurship. He founded Tandon Group and Infinx, and played a key role in Freecharge's early growth through strategic investments and operational guidance.[4]
  • Mohit Jain (MD & CEO): Appointed in 2023, Jain is a former Axis Bank executive with expertise in financial services. He oversees Freecharge's strategic direction and operations.[5]

Timeline

Year Milestone
2010 Freecharge founded by Kunal Shah and Sandeep Tandon in Mumbai; launched as a prepaid mobile recharge platform.[6]
2011 Secured Series A funding of ₹200 million from Sequoia Capital. Named a promising Indian tech startup by Pluggd.in.[7]
2012 Expanded services to include postpaid mobile, DTH, and data card recharges; reported ₹6 million daily recharge volume.[8]
2014 Raised $33 million in Series B funding from Sequoia Capital, Sofina, and Ru-Net.[9]
2015 Acquired by Snapdeal for approximately US$400 million; launched digital wallet services.[10]
2017 Acquired by Axis Bank for US$60 million; Ankit Khanna appointed COO.[11]
2018 Enabled BHIM UPI on its digital wallet platform.[12]
2019 Launched digital credit cards for users.[13]
2023 Mohit Jain appointed as MD & CEO.[14]

Funding

Date Round Amount Investors
2010 Seed Undisclosed Tandon Group, Sequoia Capital[15]
January 2012 Series A ₹200 million Sequoia Capital[16]
September 2014 Series B $33 million Sequoia Capital, Sofina, Ru-Net[17]
February 2015 Series C $80 million Tybourne Capital Management, Valiant Capital Management, Sequoia Capital, Sofina, Ru-Net[18]

Business Model

Freecharge operates as a fintech platform, generating revenue through transaction fees, merchant partnerships, and premium services. Its primary customer segments include individual consumers and merchants. Consumers use Freecharge for mobile recharges, utility bill payments, and peer-to-peer transactions via its digital wallet, earning cashback and discounts. Merchants integrate Freecharge's payment gateway to facilitate online and offline transactions, paying a commission per transaction. The platform also earns revenue through digital credit card services and targeted advertising partnerships with brands like McDonald's and Domino's. Freecharge's model leverages India's growing digital payments market, driven by UPI adoption and e-commerce growth.[19][20]

Products / Services

  • Digital Wallet: Enables users to store funds and make payments for online and offline transactions, including peer-to-peer transfers.[21]
  • Mobile Recharge: Supports prepaid and postpaid mobile recharges across major Indian telecom operators.[22]
  • Bill Payments: Facilitates payments for electricity, gas, landline, broadband, DTH, and metro cards.[23]
  • Digital Credit Cards: Introduced in 2019, offers credit facilities for online transactions.[24]

Growth & Metrics

As of October 2024, Freecharge employs 1,762 people, a 110.3% increase from the previous year. In FY22, it reported revenue of ₹287 crore, a 23.2% rise from FY21, though profits declined by 38% due to a 40% increase in expenses. The platform processes millions of transactions annually, with a reported daily recharge volume of ₹6 million in 2012. Freecharge's customer base reached 1.5 million by 2015, driven by partnerships with brands like McDonald's and Croma. Its valuation was $277 million as of January 2015.[25][26]

Legal Entity Information

  • Legal Name: Freecharge Payment Technologies Private Limited
  • Foundation Date: 15 August 2010
  • Registrar of Companies (ROC): ROC Mumbai
  • Corporate Identification Number (CIN): U72900MH2010PTC206081
  • Registered Address: 2nd Floor, Tower D, IBC Knowledge Park, Bannerghatta Main Road, Bengaluru, Karnataka 560029, India
  • Company Status: Active[27]

Media & Public Recognition

  • In 2011, Freecharge was named one of the most promising Indian technology startups by Pluggd.in.[28]
  • Recognised for its role in India's digital payments ecosystem, featured in outlets like Business Insider India and YourStory.[29]
  • Covered extensively during its acquisitions by Snapdeal and Axis Bank, highlighting its significance in the Indian fintech landscape.[30]

FAQs

What is Freecharge?
Freecharge is an Indian fintech company offering digital payment solutions, including mobile recharges, bill payments, and a digital wallet.
Who founded Freecharge?
Freecharge was founded by Kunal Shah and Sandeep Tandon in August 2010.
Who owns Freecharge?
Freecharge is owned by Axis Bank, which acquired it in July 2017 for US$60 million.
What services does Freecharge provide?
It provides mobile recharges, utility bill payments, digital wallet services, and digital credit cards.
Where is Freecharge headquartered?
Freecharge is headquartered in Gurgaon, India.

External Links

Related Startups

References

  1. ↑ "FreeCharge - Digital wallet for consumer payments". Tracxn. Retrieved 20 May 2025.
  2. ↑ "The Freecharge story: from online recharges to Axis Bank acquisition". YourStory. 17 August 2017. Retrieved 20 May 2025.
  3. ↑ "Explore the captivating journey of Kunal Shah". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  4. ↑ "FreeCharge - Digital wallet for consumer payments". Tracxn. Retrieved 20 May 2025.
  5. ↑ "Former Axis Bank Executive Mohit Jain Joins Freecharge As MD & CEO". Inc42. 18 April 2023. Retrieved 20 May 2025.
  6. ↑ "The Freecharge story: from online recharges to Axis Bank acquisition". YourStory. 17 August 2017. Retrieved 20 May 2025.
  7. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  8. ↑ "Freecharge was founded in August 2010". Wikipedia. 29 July 2013. Retrieved 20 May 2025.
  9. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  10. ↑ Sanjay Bakshi (8 January 2018). "Snapdeal acquires Freecharge for $400 mil". X Post. Retrieved 20 May 2025.
  11. ↑ "Axis Bank acquired Freecharge for $60 million". Wikipedia. 29 July 2013. Retrieved 20 May 2025.
  12. ↑ "FreeCharge enables BHIM UPI on its Digital Wallet platform". Wikipedia. 29 July 2013. Retrieved 20 May 2025.
  13. ↑ "Digital Credit Cards were introduced by Freecharge". Wikipedia. 29 July 2013. Retrieved 20 May 2025.
  14. ↑ "Former Axis Bank Executive Mohit Jain Joins Freecharge As MD & CEO". Inc42. 18 April 2023. Retrieved 20 May 2025.
  15. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  16. ↑ "The Freecharge story: from online recharges to Axis Bank acquisition". YourStory. 17 August 2017. Retrieved 20 May 2025.
  17. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  18. ↑ "Freecharge holds its Series C funding round in February". YourStory. 17 August 2017. Retrieved 20 May 2025.
  19. ↑ "Freecharge's productivity revolution – unleashing efficiency across teams". Business Insider India. Retrieved 20 May 2025.
  20. ↑ "The Freecharge story: from online recharges to Axis Bank acquisition". YourStory. 17 August 2017. Retrieved 20 May 2025.
  21. ↑ "FreeCharge - Digital wallet for consumer payments". Tracxn. Retrieved 20 May 2025.
  22. ↑ "The Freecharge story: from online recharges to Axis Bank acquisition". YourStory. 17 August 2017. Retrieved 20 May 2025.
  23. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  24. ↑ "Digital Credit Cards were introduced by Freecharge". Wikipedia. 29 July 2013. Retrieved 20 May 2025.
  25. ↑ "FreeCharge - Digital wallet for consumer payments". Tracxn. Retrieved 20 May 2025.
  26. ↑ Harsh Upadhyay (31 October 2022). "Axis Bank-owned Freecharge posts Rs 287 Cr revenue in FY22". X Post. Retrieved 20 May 2025.
  27. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  28. ↑ "FreeCharge - Crunchbase Company Profile". Crunchbase. Retrieved 20 May 2025.
  29. ↑ "Freecharge's productivity revolution – unleashing efficiency across teams". Business Insider India. Retrieved 20 May 2025.
  30. ↑ "Axis Bank to Acquire Freecharge for $60M". The Economic Times. 27 July 2017. Retrieved 20 May 2025.
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