Snapdeal-owned FreeCharge sets Rs 20,000 crore business target by March 2017

Snapdeal-owned FreeCharge has a target in mind and is tying up with more and more merchants for the same.

FreeCharge wants to increase its business multi-fold by March 2017 to Rs 20,000 crore. Presently, it sells services up to Rs 6,600 crore on its platform.

The competition in mobile wallets and recharges has intensified, leading big players to launch multiple services.

"The target for us is, that we should end the year March 2017 with Rs 20,000 crore (about $3 billion) worth of transactions processed," Govind Rajan, chief operating officer of FreeCharge told ET.

FreeCharge has partnered exclusively with Shoppers Stop and Westlife Development.

"Our focus is actually on going after merchants who have a high velocity and high transactions values," Rajan told ET, adding “we are working on UIs which highly intuitive for both, the merchants and the consumer.”

Jasper Infotech, which owns Snapdeal and FreeCharge both, wants to raise about $300 million (Rs 2,000 crore) for the digital payments platform to give tough competition to Paytm.

FreeCharge has nearly one million transactions per day and Paytm's count is at 95 million transactions per month.

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