FreeCharge crosses 5 million users FreeCharge Wallet claims to have crossed 5 million mobile wallet users in 4 weeks of its launch. The company says that it has seen over 40% growth from Snapdeal and Mumbai metro. It is currently used by Snapdeal and has plans to add other merchants to its platform. It adds that on an average, users transact over 5 times a month, while an average of 50% users transact every month on Freecharge. Earlier this month, FreeCharge started using Aadhaar UID as the primary KYC tool for opening and upgrading wallets. It also announced that it reached 1 million customers, and that it was used the most for utility bill payments like electricity bill payment, mobile recharge and online shopping. Last month, the company also launched a digital wallet in partnership with the private sector lender YES Bank. Earlier in April, FreeCharge was acquired by ecommerce player Snapdeal for a reported $450 million, the biggest deal in the Indian consumer internet industry. *** WestBridge Capital raises $575 million WestBridge Capital has raised $575million, totalling its investment to $2 billion, reports the TOI. It did not, however, mention when the funding was concluded. WestBridge has invested $1.2 billion in over 60 Indian companies between $10-80 million for a substantial minority stake. The report added that WestBridge will continue investing in public and private markets, but is looking to back more private companies. *** Square Yards acquires Oryden TechLabs Property search aggregator Square Yards has acquired Oryden TechLabs,…
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