Fero, the neo-bank, secures debt financing from SIDBI
- ByStartupStory | February 15, 2024
Freo, the neo-bank, has secured debt financing from SIDBI, marking the financial institution’s first foray into the fintech sector. The amount of the investment remains undisclosed as Freo positions itself for rapid expansion within India’s thriving fintech landscape.
Anuj Kacker, Co-founder of Freo, expressed enthusiasm about the partnership with SIDBI, stating, “We’re extremely excited to initiate this partnership with SIDBI, marking a pivotal moment in Freo’s evolution.
This collaboration isn’t just a significant achievement for us; it symbolizes the beginning of what we anticipate will be a long and fruitful relationship.”
SIDBI, known for its investments across various sectors including mobility, startups, and Micro, Small, and Medium Enterprises (MSMEs), manages several Fund of Funds (FoF) programmes on behalf of the Indian government and state governments. These programmes aim to bolster startups and MSMEs by investing in SEBI-registered Venture Funds and Alternative Investment Funds.
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