Yes, Freecharge is an Indian company. It is an Indian digital payments and financial services company which operates as a wholly-owned subsidiary of Axis Bank, an Indian multinational bank and financial services company. Freecharge offers a comprehensive set of financial services, including utility bill payments, prepaid and postpaid mobile recharges, metro card recharges, DTH recharges and UPI transactions. In addition, the company also offers financial products like credit cards, gold loans and personal loans.
Freecharge supports multiple payment methods like UPI, netbanking, credit cards, debit cards and digital wallets. Furthermore, the company also provides merchant services, including payment gateways and lending products, to retailers.
| Details | Info |
| Founded | 2010 |
| Founder | Kunal Shah and Sandeep Tandon |
| Headquarters | Gurugram, Haryana, India |
| CEO | Sumit Bhatnagar |
| Sector | Fintech, Financial products |
Company History
Freecharge was founded in August 2010 by Kunal Shah and Sandeep Tandon. The company started as an online platform offering online mobile recharges with discount coupons from retailers like Barista and McDonald’s. In the year 2012, Freecharge expanded its services to include DTH recharges and utility bill payments. The company received $33 million funds from Sequoia Capital, RuNet and Sofina in September 2014. This was followed by $80 million funding by Valiant Capital, Tybourne Capital and other investors in the year 2015.
By 2015, Freecharge had a user base of over 50 million and was facilitating millions of transactions monthly. In April 2015, e-commerce company Snapdeal acquired Freecharge in a deal valued at $400-450 million. However, in July 2017, Snapdeal sold Freecharge to Axis Bank for $60 million.
As a subsidiary of Axis Bank, Freecharge expanded its offerings to UPI payments, credit cards, personal loans, gold loans, payment gateways for merchants and buy now pay pater service.
Current Status
Freecharge currently has over 100 million users and generates an annual revenue of around $750 million. The company also supports international payments from over 50 countries, complete with bank-grade security and 24/7 support. Freecharge has its own digital wallet to facilitate quick transactions like bill payments and recharges.
Freecharge operates through its website and mobile application. The app has various features like multiple account linking, automated bill payments, mobile recharge reminders and more. Freecharge has strategic partnerships with platforms like IRCTC, Zomato and eBay India.
Future Outlook
Freecharge is estimated to reach a valuation of $150-420 billion by the year 2029 by leveraging the booming Fintech market in India. The company is also expected to capture a significant share of India’s growing UPI transactions in the coming years. Furthermore, products like Axis Bank Freecharge Credit Card, personal loans and digital fixed deposits are likely to strengthen the company in the highly competitive Fintech sector.