FreeCharge is among the top non-bank financial services platforms in the industry. Since inception, the company has cumulatively acquired ~70 mn registered users out of which ~34 mn have transacted through the platform (19 mn quarterly active users and 9 mn monthly active users). FreeCharge has added ~12 mn new customers post its acquisition by Axis bank.
FreeCharge targets the digitally naive customers (18-30 years of age, annual income of Rs0.2-0.6 mn and lives in urban areas). The company continues to focus on customer acquisition and increase customer engagement post registration.
Post-acquisition by Axis Bank, FreeCharge has gradually evolved from a leading digital payment platform to a digital financial services platform. Going ahead, the platform will act as a customer acquisition channel for sourcing small ticket retail products so as to reduce cost of acquisition.
