India: FreeCharge raises $ 33 million from Sequoia Capital

by bold-lichterman

The Indian start-up FreeCharge has just raised 33 million dollars from Sequoia Capital, Sofina, a Belgian fund, and ru-Net, a Russian company. This new investment will allow the company to strengthen its marketing strategy and develop an online advertising platform to better target consumers.

Founded four years ago, the company publishes an online interface allowing mobile phone users to add credit to their prepaid plan or pay their bills. The company claims 10 million users in the country.

120 partner brands

Why use his service? Because after having reloaded his package, the user receives by e-mail reduction coupons to be used in various stores: restaurant chains (McDonald’s, Domino’s Pizza, Costa Coffee…) or main national retailers (PVR Cinemas, Myntra. com…). In total, the company would have 120 partner brands.

FreeCharge works with many operators in India including Virgin mobile, Airtel, Tata Docomo or Vodafone. The company, which specifies that 70% of transactions are carried out on mobile devices (the service is also available through smartphone applications), could also expand its activities abroad.

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