RechargeItNow.com, an online recharge startup, has announced that it has signed up 1 million users in last 4 months. The portal now has 6 million registered users in its database. India has close to 10 million online shoppers as of now; mathematically 60% of them are using RechargeItNow.com.
According to the company, all their users are hardcore online shoppers. Those who use this portal are proficient with credit card, debit card or netbanking mechanism because online recharge does not support ‘cash on delivery‘ system. Sharat Jain, President, RechargeItNow.com, said,
“This user base is fundamentally the crème de la crème of the online buyer in India as it transacts using an online payment mechanism only – credit / debit card or netbanking; there is no COD available in our business model. It is a large number and reflects confidence in our services. This also reflects the scale at which we can grow consistently. This growth is purely organic as our reach out program is fairly thin & strategically selective.”
RechargeItNow.com ranked No. 1 in Deloitte Technology Fast 50 Award in 2012; it also grabbed a place in The Nasscom Emerge 50 Showcase. Since then, this mobile recharge website has observed accelerated growth. The portal also partnered with SnapDeal, leading daily deal website of India, in November 2012. SnapDeal started offering mobile recharge service to their users through RechargeItNow.com. This tie up might have some contribution to the recent hike in user count as well.
RechargeItNow.com has delivered Rs. 600 crore worth of annualized transactions on run rate basis and it currently serves more than 100,000 recharges daily all over India. However, the company still has long way to go. 75% of the ecommerce market in India is related to ticket booking, hotel booking and online mobile recharge. If 60% online shoppers are on board, then there is a gap of 15%. And the market is growing at an estimated 30% rate. It’s time to see how the company makes up the existing gap and catches up with the growth.