Mobile recharge platform Freecharge has raised $ 80 million in funding from Valiant Capital Management and Hong Kong based Tybourne Capital Management. The round also saw participation from Equoia Capital, RuNet and Sofina.
The funds will primarily be used for product innovations on mobile, team expansion and marketing. The firm will be focusing on operations in India before expanding its base to other economies.
Freecharge offers discount coupons from food joints and popular retailers, equivalent to recharge amount processed on the website. The website claims of 20 million users and that the transactions on their mobile app has gone up by 60x over the past year.
Freecharge had earlier raised $33 million funding from Squoia, Sofina and RuNet. They had also added the ‘speak to recharge’ feature on their app and claims processing 80% transactions through the app.
Competitor Paytm had recently secured investment from China’s Alibaba for 25% stake in parent company One97.