Jasper Infotech, which owns and operates digital payments platform FreeCharge, has pumped in an additional Rs 30 crore into the latter.
Jasper Infotech (Snapdeal) acquired Freecharge for roughly $400-450 million back in 2015. Since then it has been trying to raise funds for the same and has failed to do so. Earlier this year, Jasper Infotech backed Freecharge by Rs. 390 crore.
According to the documents filed with the RoC, Jasper purchased the additional shares following a board resolution on February 23. This also follows a special resolution passed in December last year where FreeCharge increased its authorised share capital to Rs 1,006 crore from . 6 crore, setting the stage for a ` significant round of funding.
FreeCharge was started in August, 2010 by Kunal Shah and Sandeep Tandon. It is one of the India’s top payments app. Customers across the country use FreeCharge to make prepaid, postpaid, DTH, metro recharge and utility bill payments for numerous service providers.
Customers are already using it to pay across all major online platforms and offline stores like Shoppers Stop, McDonalds, Cinepolis, HomeStop, Crosswords, Hypercity and even for E-Rickshaws, the list is growing by the day as per Freecharge’s portal.