wordpress blog stats
Connect with us

Hi, what are you looking for?

FreeCharge introduces electricity bill payments; a little too late?

freecharge

Online recharge and couponing service FreeCharge has introduced a new feature that will let users pay their electricity bills online. The feature is currently available on desktop, while the mobile site and app will see the update soon. Freecharge mentions that it will introduce e-payments for other utilities in the coming months.

As of now FreeCharge supports eight electricity boards including Reliance Energy Mumbai, JVVNL, JDVVNL, CSEB, BEST, BESCOM Bangalore, APSPDCL and MP Paschim Kshetra Vidyut Vitaran Indore. The company claims that it will expand the number of electricity boards on board to 30 within the next month.

To pay a bill, users need to select the appropriate electricity board and enter the relevant identification info, post which payments can be made by net banking and credit or debit cards. According to FreeCharge, on using the platform for the first time, it will register the user with the biller and subsequently send out reminders when the next bill is generated.

Note that Freecharge is pretty late to the party, with competitors like MobiKwik and Paytm featuring electricity payments at least since 2012. ItzCash, which tied up with the Manipur State Power Distribution Company in May, to let customers to recharge their prepaid electricity meters using their online portal or visiting the nearest ItzCash Point outlet, is one of the newer entrants to this group.

Acquisition by Snapdeal: In April, ecommerce marketplace Snapdeal acquired FreeCharge in a deal that was pegged at around $450 million. The deal came a month after Snapdeal had acquired a majority stake in Gurgaon-based financial products and services platform RupeePower for an undisclosed amount.

Freecharge funding: Prior to the acquisition, Freecharge had raised $80 million from San Francisco-based hedge fund Valiant Capital Management and Hong Kong-based hedge fund Tybourne Capital Management, with participation from existing investors in February. The company had also raised $33 million from Sequoia Capital, Sofina and RuNet in September last year.

Preburn acquisition: In August last year, FreeCharge acquired the offline app store startup Preburn for an undisclosed amount. The acquisition was an acqui-hire and the Preburn team was expected to join FreeCharge. This was a month after Mumbai-based social wishlist site Wishberg shut down its operations, and founders Pravin Jadhav and Kulin Shah had moved to FreeCharge.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

The Delhi High Court on Monday stayed a penalty issued by the Finance Ministry’s Financial Intelligence Unit (FIU) against PayPal Payments Private Limited, the...

News

A survey by the National Payments Corporation of India (NPCI) found that at least 80% of households now use digital payment apps like Paytm,...

News

In an affidavit filed before the Supreme Court, the Reserve Bank of India (RBI) has said that companies like WhatsApp, Google and Amazon have...

News

While digital payment adoption began to grow significantly post demonetisation, the COVID-19 pandemic accelerated this shift over the last year, according to PwC India’s...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ