Hotline: 1800 102 2007
X
Search Business Opportunities
Apr, 05 2018

Sequoia Capital, Other May Back FreeCharge With $30 Mn Funding

FreeCharge was acquired by the now beleaguered e-tailer Snapdeal for $400 million in 2015, and was last year sold to Axis Bank for $60 million.

Mobile wallet FreeCharge is likely to raise the largest series-A financing round for an Indian startup, thus helping the startup to revive its business.

FreeCharge's founder KunalShah is in talks to pick up $30 million, or around Rs 200 crore, from venture capital fund Sequoia Capital, along with a bunch of other investors, as he plans to kick off his new venture this year, sources close to the development said.

Russian fund Ru-Net, and a financial-technology focused fund Ribbit Capital, among a group of investors, is expected to join Sequoia in the round, sources further indicated.

FreeCharge was acquired by the now beleaguered e-tailer Snapdeal for $400 million in 2015 and was last year sold to Axis Bank for $60 million.

Shah did a stint of about a year at Sequoia in an advisory role, mentoring the fund's portfolio companies, which ended in January. He is expected to structure his new company as an incubator or a lab that will dabble with multiple ideas in sectors like consumer finance, healthcare, and education, people aware of the matter said.

The MBA dropout - who is also an active angel investor in startups like Go-Jek, Unacademy, Voonik, TVF and PocketAces, among others - would join a select group of high-profile, second-time Indian internet entrepreneurs, like Myntra co-founder Mukesh Bansal, who sold off their companies and started up again.

Bansal founded CureFit, a healthcare and fitness startup along with ex-Flipkart senior executive Ankit Nagori in 2016, racking up $15 million in its first round of funding.

Shah co-founded FreeCharge in 2010, along with Sandeep Tandon, with the aim of tapping the potential of online mobile recharging in a market that is primarily driven by prepaid customers. Both Sequoia and Ru-Net were investors in FreeCharge as well.

Comment
Related opportunities
  • Repair Services
    About Us: BECOME A PART OF OUR FAMILY The PHIXMAN franchise industry..
    Locations looking for expansion New Delhi
    Establishment year 2013
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater West Delhi New Delhi
  • Quick Service Restaurants
    About : Waffle House bring a standardized international food in the..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai Maharashtra
  • About Us: •Sizzle House is the quintessential eatery, located on one..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Skills / Personality Development
    About Us: INIFD Gurukul, a wholly owned concern of NIFD Limited,..
    Locations looking for expansion punjab
    Establishment year 2018
    Franchising Launch Date 2018
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater chandighar punjab
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities