FreeCharge raises Rs 30cr from existing investor Jasper Infotech

Jasper Infotech, Freecharge, FreeCharge CEO, Govind Rajan, CEO, Paytm
Jasper Infotech, Freecharge, FreeCharge CEO, Govind Rajan, CEO, Paytm

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.

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