Is Freecharge an Indian Company? Know all About

Yes, Freecharge belongs to India. It’s an Indian digital payment and financial service company that operates as an Indian multinational financial services and bank, Axis Bank. Freecharge provides a wide range of financial services including utility bill payment, prepaid mobile recharges and postpaid recharges for metro cards, DTH recharges, and UPI transactions. The company offers a variety of financial products, including credit cards, personal loans, and gold loans.

Freecharge accepts multiple payment methods, including UPI, digital wallets, debit cards, credit cards and netbanking. The company offers merchant services to retailers, such as payment gateways, lending products and other financial products.

Company history

Freecharge was founded by Kunal and Sandeep in August 2010. The company began as an online platform that offered online mobile recharges using discount coupons from retailers such as Barista and McDonald’s. Freecharge’s services expanded in 2012 to include DTH and utility bill payment. In September 2014, the company received funding of $33 million from Sequoia Capital and RuNet. Valiant Capital, Tybourne Capital, and other investors invested $80 million in 2015.

In 2015, Freecharge was serving millions of users and facilitating transactions every month. Snapdeal, an e-commerce firm, acquired Freecharge for $400-450 millions in April 2015. Snapdeal, however, sold Freecharge in July 2017 to Axis Bank at a price of $60 million.

Freecharge, a subsidiary company of Axis Bank has expanded its services to include UPI payments as well as credit cards, personal loan, gold loans, payment portals for merchants, and a buy now, pay later service.

Current status

Freecharge has more than 100 million users, and generates revenue of approximately $750 million annually. It also offers international payment services from more than 50 countries with 24/7 support and bank-grade security. Freecharge offers a digital wallet that facilitates quick transactions such as bill payments and recharges.

Freecharge is available on its mobile app and website. The app offers features such as automated bill payment, reminders for mobile recharges, and multiple account linking. Freecharge has strategic partnership with platforms such as IRCTC Zomato and eBay India.

Future Outlook

By leveraging India’s booming Fintech industry, Freecharge could reach a valuation between $150 and 420 billion dollars by 2029. In the next few years, Freecharge is expected to gain a large share of India’s UPI transactions. Axis Bank Freecharge Credit Card and personal loans, as well as digital fixed deposit products, are expected to help the company compete in the Fintech industry.