As it looks to expand its merchant base in the country, Bangalore-based FreeCharge has been witnessing a 15 percent growth in transaction on a monthly basis. The company aims to have five million merchants over next 18 months and has also crossed the 1, 00, 000-merchants mark on its platform.
FreeCharge offers mobile recharge and utility bill payment services. It has also started its mobile wallet service last year.
Govind Rajan, the CEO of FreeCharge, told media, “We hit the one million transactions a day in February this year and since then, and we are growing at a rate of 15 percent every month.”
“In last 8 months, we have expanded our reach in various sectors like F&B, travel, e-commerce, retail, entertainment, ticketing, among others, making our wallet ubiquitous in consumer’s daily lives,” he added.
The company’s merchant partners include brands like Shoppers Stop, McDonalds, Cafe Coffee Day, Cleartrip, RedBus and OYO.
FreeCharge was acquired by Snapdeal in one of the biggest deals in e-commerce sector in April last year. Though the deal size was undisclosed, it was estimated to be a transaction of USD 400 million.
After integration with Snapdeal, Freecharge does not break out a number of users. In November last year, it claimed to have garnered 10 million registered active users for its wallet service within 60 days of customer rollout.
