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Post its acquisition by Snapdeal, the e-wallet provider is targeting a combined wallet base of 35 million account holders

Published 7 years ago on Apr 08, 2016 2 minutes Read

 Founded by Kunal Shah and Sandeep Tandon, FreeCharge started in 2010 as a website for customers to recharge their cell phones. In April 2015, Snapdeal acquired FreeCharge for $400 million, providing it with the distribution network to penetrate rural pockets, although the two companies continue to operate separately. In September 2015, the companies announced the introduction of the semi-closed FreeCharge wallet. Since the company does not have a licence to run open-loop mobile wallet services — although it has in-principle RBI approval to run its own wallet — it has tied up with Yes Bank and MasterCard to introduce a virtual card called FreeCharge Go, which can be topped up from its wallet. This virtual card will be accepted across all online merchants and some offline stores in India. The company has also tied up with McDonalds and Shoppers Stop, which now accept payments from FreeCharge.