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Freecharge.in Raises Rs 20 Crore From Sequoia Capital To Go Mobile

Accelyst Solutions, which owns the online recharge and couponing site Freecharge.in has raised Rs 20 crore from Sequoia Capital, LiveMint reported today. This investment follows a seed investment from Sequoia Capital in 2011, and speaking with MediaNama, Accelyst co-Founder and CEO Kunal Shah said that the funds will be used to go mobile, as well as add new products and merchants to the business. On the mobile, though, the company is not looking at launching interactive voice response (IVR) based recharge yet, so it will probably be mobile web and applications: "We're going to stick to 80:20 rule, and the question remains how many transactions happen on IVR. If less than 10% of the transactions are IVR, then we will not go there. For now, there's a lot more to be done in the core web business," Shah said. Freecharge…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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