Online recharge and couponing service FreeCharge has appointed Sudeep Tandon as chief business officer of the company. In his new role, Tandon will be responsible for corporate strategy and strategic tieups of the company, and will report to Kunal Shah, CEO and co-founder of Freecharge.
Tandon has overall 8 years of experience in telecom and technology strategy as well as product and business development. Prior to FreeCharge, Tandon was an engagement manager at Cartesian, a telecom, media and technology (TMT) focused consulting firm. He also worked at Samsung’s global strategy group in South Korea as an associate global strategist, reporting directly to the Chairman’s Office.
Before this, Tandon was the director of business development at Tovya Automation for over two years where he worked on corporate strategy. He was also the director of business development at TIS Software prior to Tovya and has also worked as a software engineer at Cisco.
Acquisition by Snapdeal: In April this year, Snapdeal co-founder and CEO Kunal Bahl said that the e-commerce marketplace had acquired FreeCharge, claiming that together they were the largest m-commerce company in India. The value and terms of the deal were undisclosed, but the deal was pegged at a value of about $450 million (Rs 2,800 crore), which made it the biggest such deal in the Indian consumer internet industry, eclipsing Flipkart’s acquisition of Myntra for about $330 million.
Founded in 2010 by Kunal Shah and Sandeep Tandon, FreeCharge claims to have raised over $120 million prior to the acquisition. In February, Freecharge 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. At that time, it was believed to be valued at about $350 million. FreeCharge had also raised $33 million from Sequoia Capital, Sofina and RuNet in September last year.