FREED Raises INR 60 Crores in Series A Round to Revolutionize Debt Relief in India
- ByStartupStory | March 14, 2024
FREED, India’s pioneering debt relief platform, proudly announces the successful completion of its Series A round, raising INR 60 Crores ($7.5 M). The round was led by investments from esteemed investors Sorin Investments and Multiply Ventures, with participation from Piper Serica and other institutional funds. This significant milestone reflects the confidence investors have in FREED’s vision and potential to revolutionize the debt and post-lending landscape in India.
Ritesh Srivastava, Founder of FREED, expressed his enthusiasm about the achievement, stating: “We are thrilled to have secured this significant investment, which not only validates the importance of our mission but also provides us with the resources to expand our reach and impact.”
Sanjay Nayar, Founder and Chairman of Sorin Investments, emphasized the alignment of vision, stating: “We are excited to work with FREED to help millions of people who struggle with debt due to events outside of their control.”
Bhushan Patil, Founder and General Partner of Multiply Ventures, highlighted the company’s progress and sustainable business model: “We are very excited to partner with new VC firms joining us in this journey for achieving this audacious goal together.”
Abhay Agarwal, Founder and Fund Manager of Piper Serica, stressed the importance of technology in resolving retail debt delinquency: “We believe FREED has the perfect business model that uses technology to not only help borrowers who are behind on repayment but also help borrowers who are on the brink by consolidating their debt.”
FREED’s innovative platform utilizes technology-driven solutions coupled with intent-driven support to assist individuals in navigating their debt challenges effectively. Founded in August 2020, FREED has enrolled over 1,200 Crore in stressed retail debt on its platform across 25,000 plus customers pan India. Maple Capital Advisors acted as the sole advisor for this fundraise.
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