Debt relief platform, FREED has raised Rs 60 crores ($7.5 million) in its Series A funding round. The round was led by investments from marquee investors, Sorin Investments and Multiply Ventures, with participation from Piper Serica and other institutional funds.
The company intends to use this capital infusion to accelerate its growth and expand its reach across the country. “With this latest investment, FREED aims to accelerate its growth trajectory, deepen its impact, and continue pioneering advancements in the debt relief landscape.”
Ritesh Srivastava, founder of FREED said, "At FREED, we are committed to alleviating the burden of debt for individuals across India, and this funding will enable us to further enhance our technology, scale our operations, and ultimately, make a meaningful difference in the lives of many."
Sanjay Nayar, founder and chairman of Sorin Investments, shared his perspective on this partnership, emphasising the alignment of vision and the immense potential they see in FREED. “The company’s offering provides these people with a path to resolve their debts, so that they can live their lives respectfully and without any fear of harassment.”
“India’s journey of achieving a $10 trillion economy will be driven by inclusive credit for masses. While we as a country go through this, we will need a systematic approach to solve credit literacy, managing indebtedness, and credit management tools which the team at FREED has built so far and shown great progress, sustainable business model and technology leverage solving for this space as well.”, quotes Bhushan Patil, founder and partner of Multiply Ventures, an early backer of FREED.
FREED's platform utilises technology-driven solutions coupled with intent-driven support to assist individuals in navigating their debt challenges effectively. Founded in August 2020, the company has enrolled over 1,200 crore in stressed retail debt on its platform across 25,000 plus customers pan India. Maple Capital Advisors was the sole advisor for this fundraise, it said.
