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Payment app Freecharge raises $57M from Snapdeal – owned by Jasper Infotech

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Jasper Infotech which owns Snapdeal has invested around $57M in Freecharge

Bengaluru – Jan 09, 2017. RedNewswire/-

Mumbai-based payment app FreeCharge has raised $57.2 M from Jasper Infotech, which own e-commerce platform Snapdeal. According to report, documents were filed in the last week of December, 2016 at the Registrar of Companies (RoC).

Freecharge was founded in 2010 by Sandeep Tandon and Kunal Shah. FreeCharge is a payment wallet that allows the online facility of recharging any prepaid mobile phone, postpaid mobile, DTH, and data cards in India.

The news about FreeCharge’s funding round was first reported by ET in October 2015.  Jasper CEO Kunal Bahl had clarified that the company had received multiple offers, but was in no hurry to close the deal.

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According to the news report, the investment also follows a special resolution passed in the first week of December, where FreeCharge increased its authorised share capital from Rs 6 crore to Rs 1,006 crore.

FreeCharge had earlier secured funding from Sequoia Capital, Tybourne Capital Management, and San Francisco-based fund Valiant Capital Management. In APril 2015 it got acquired by snapdeal for nearly $450M.

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