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Freecharge raises $80 million from Valiant Capital, Tybourne Capital, Sequoia Capital, Others

Online platform for recharge FreeCharge has
reportedly raised $80 million in funding from hedge funds Valiant Capital and Tybourne
Capital, at a post money valuation of $350 million. 

Online platform for recharge FreeCharge has
reportedly raised $80 million in funding from hedge funds Valiant Capital and Tybourne
Capital, at a post money valuation of $350 million. 

According to an Economic
Times
report, the round also saw participation from existing investors,
namely Sequoia Capital, RuNet and Sofina. This
round of funding will be primarily used for product innovations on mobile, team
expansion and marketing.

FreeCharge CEO Alok Goel
further clarified in the report that the company
will shift its focus from expanding to other countries like Indonesia, the US,
Latin America and Europe and look only at India. Goel reiterated that the
company will focus on the Indian market “before venturing to international
markets.”

Last
year in September, FreeCharge had raised $33
million in Series B
funding from Sequoia Capital, Sofina and RuNet to build
transactional advertising platform.

According to the report, in the next year,
Freecharge will be focusing on growing its user base by two to three times from
the current 20 million. To achieve this mark, the company will reportedly double
its workforce to 400 people. Goyal said that mobile transactions on Freecharge
app have grown around 60 times in the last one year and he expects the same
momentum this year. 

Founded in 2010 by serial entrepreneur Kunal
Shah and Sandeep Tandon, head of technology conglomerate Tandon Group, Freecharge
offers promotions or discounts from various food joints and retailers every
time a customer uses its platform for a recharge. 

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