Kunal Shah an Indian entrepreneur and a chairman of Indian e Commerce website Freecharge recently said on social networking sites about his joining the Sequoia India an American venture capital firm as an advisor. Sequoia focuses on technology Industries and it oversee its investments funds on many countries including India,China and Israel.
Prior to establishment of Freecharge, Kunal was running a BPO company with a degree of Philosophy. The company was owned by Tandon Groups whose head was Sandeep Tandon. Kunal’s innovative approach and sense in monitoring a problem was useful in formation of Freecharge along with Sandeep Tandon co-founder of Freecharge in 2011.The proposition of Freecharge became successful in selling a lot of coupons at the time when coupons were hot.
In conversation with Yourstory, Kunal said “The nine months prior to the launch of Freecharge and immediately thereafter were not easy. Some retailers dismissed the idea as stupid. Some thought it was too good to be true. A few even thought the idea was too innovative for the Indian Market”.
In 2015 Sanpdeal acquired Freecharge at an estimated $400 million which was one of the largest buyout in the Indian Internet landscape. Sequoia’s Managing Director Shailendra Singh had participated in seed funding that day. It is by Singh’s effort that Shah is acknowledged at a post in Sequoia Capital India. Shah is required to meet his obligation as an advisor and mentor the company. Basically to oversee its investments in South Asian countries.
Kunal had a very successful years and he was part of every seed funding raised.In 2011 Freecharge secured Series A funding of $200 million from Sequoia Capital, $33 million Series B funding from Sequoia Capital, Sofina and Ru-net on Sep 1,2014. Kunal also led to acquisitions of Wishberg & Preburn in 2014 and Jasper.
In May 2016 Kunal Shah was name as the Chairman of Freecharge where his role was non-operational and a Chief Operating Officer Govind Rajan was elevated to the position of CEO. Shah also represents the IAMAI ( Industry body Internet and Mobile Association of India ) as a Chairman.