FreeCharge has raised 33 million USD in Series B funding from Sequoia Capital, Sofina and RuNet. Freecharge is building an advertising platform that captures online and offline purchase behaviour and brand preferences of consumers, by offering incentives and coupons to users to transact on its platform.
The company has added Gokul Rajaram (creator of Adsense), Koh Boon Hwee, Dhiraj Rajaram (MuSigma CEO) to its board of advisors. The company had earlier raised INR 20 crores from Sequoia Capital in 2012 and the company claims to now have 10 million registered users.
Mobile transactions on the Freecharge app have grown ~30x since the beginning of 2014.
70% of our transactions come from mobile platforms and we are growing more than 400% year on year.”, mentions Alok Goel.
“FreeCharge has built a unique and innovative advertising platform that’s great for both consumers and advertisers. My experiences building ad systems at Google and Facebook have shown me that next-generation ad platforms need to deliver value on both sides of the equation, and FreeCharge does this in an elegant and powerful way.” [Gokul Rajaram].
Freecharge was started by Kunal Shah who later brought in Alok Goel, ex-redBus CPO to lead the charge. The company has unique business model wherein they are not just selling recharges, but also putting brands in front of consumers.
“The FreeCharge business model is absolutely a novelty. It has not been tried anywhere else in the world. The model builds on top of a massive telecom consumer base and can certainly be replicated by the freecharge team in various other countries and continents”.[Koh Boon Hwee]
Read : How Freecharge Growth Hacked. Watch Kunal Shah talking about the early days of Freecharge.