Freecharge Acquired

Single app covering mobile recharge, mobile postpaid, electricity, DTH, FASTag, landline, credit card bills, piped gas, cylinder booking, water and municipal tax payments.

Positioned as one of the fastest scan-and-pay platforms for UPI transactions; launched UPI Lite for faster low-value transactions.

Introduced Micro Finance (MFI) and unsecured/secured business loan products (incl. Loan Against Property) to extend credit to small and micro-business owners.

Consumers using the app for mobile recharge, DTH, and utility bill payments.

Businesses using Freecharge's payment gateway and enterprise app to accept UPI, card, wallet and net-banking payments and track transactions.

Freecharge runs a self-service online help center where users browse categorized FAQ topics to resolve payment, recharge, and bill-payment queries on their own rather than contacting an agent.

Freecharge maintains a phone helpline plus separate email support channels for retail customers (care@freecharge.com) and merchant/business customers (merchantsupport@freecharge.com), reflecting distinct assisted-support tracks per customer segment.

Primary consumer channel for recharges, bill payments and financial products.

Enables acceptance of payments by UPI, Cards, Digital Wallets, Net Banking and 100+ other channels for business customers.

"One Platform for All Your Business Payments" — accepts UPI, generates payment links and tracks transactions for merchants.

Payment aggregation vertical has grown strongly, with GMV up 108% YoY and net revenue up 73% YoY as the company onboards more merchants.

As a key technology partner for Axis Bank, the company develops and deploys digital solutions and APIs that expand the bank's reach and service offerings.

Freecharge's in-house Identity Management System (IMS) authenticates and stores account data for all registered users, processing roughly 1 million requests per day; the company migrated it from self-managed Aerospike to Amazon DynamoDB on AWS to scale reliably through marketing-driven traffic spikes.

Freecharge operates through a bundle of related-party agreements with parent Axis Bank covering PPI aggregator services, UPI (P2P/P2M) and BBPS integration, internet payment gateway services, and technology-service provisioning — the contractual and regulatory rails its payments business runs on.

Freecharge's Gurgaon office is used under a right-to-use agreement with Axis Bank subsidiary Freecharge Business and Technology Services Ltd, which also supplies seconded staff and accounting/treasury services to the company.

The company treats its workforce as a strategic resource, citing a high level of employee engagement and professional growth; recognized in FY25 with the ETHR Employee Experience Award and the BW People HR Excellence Award for business strategy.

Company remains a key partner for Axis Bank, acting as both a technology service provider and a business correspondent while expanding financial offerings to merchants.

FASTag recharge supported for multiple bank-issued tags including SBI, ICICI, HDFC, Axis, Federal Bank and Equitas.

Fees for providing financial and customer acquisition services to Axis Bank; grew almost 3X to ₹182 crore in FY22 from ₹63 crore in FY21.

Collections from providing services related to development and management of technology products for parent entity Axis Bank, booked as a technology service provider (TSP); ₹65.61 crore in FY22.

Commission charged from merchants as checkout fees; ₹26.3 crore in FY22, up 64.5% from ₹16 crore in FY21.

Largest cost line; rose 19% to ₹203 crore in FY25 from ₹171 crore in FY24, accounting for over 55% of total cost.