FreeCharge raises $80 million in fresh funding from investors

FreeCharge, the inventor of an online mobile phone and utilities bill payment service which is already backed by US venture capital investor Sequoia Capital, said on Friday it has got a further $80 million in fresh funding from investors including Valiant Capital Management & Tybourne Capital Management.

The company, founded in 2010, enables users to recharge pre-paid and post-paid mobile phones online and get rewarded with discount shopping coupons for using its site.

FreeCharge has a user base of more than 20 million and there has been 10 million downloads of the app in the past year, co-founder Kunal Shah said.

FreeCharge's chief executive Ashok Goel said 85 per cent of its transactions are now conducted on mobile phones.

(Reuters)