Abheet Raghav | Wednesday March 15, 2017

FreeCharge raises Rs 30cr from existing investor Jasper Infotech

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Digital payments major, FreeCharge, has raised Rs 30 crore from its existing investor Jasper Infotech.

According to reports Jasper Infotech, which also owns e-commerce marketplace Snapdeal — which acquired FreeCharge in 2015 — had invested Rs 390 crore in the mobile wallet company earlier this year.

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Curiously, just a day previously, FreeCharge CEO Govind Rajan had announced his resignation from the company. Currently, Jason Kothari — former CEO at Housing and now Chief Strategy and Investment Officer at Snapdeal — is in charge of operations at FreeCharge.

FreeCharge’s competitor Paytm recently crossed 200 million users and has even raised $200 million for its e-commerce arm Paytm Mall, thus becoming a unicorn. Fintech is, after all, no child’s play, and despite the capital dumping, startups in the domain are yet to figure out a way to make money. Now that foreign money is not flowing as easily as it did in 2014–2015, growth will take a backseat.