Debt relief platform FREED has recently announced the successful closure of its Series A funding round, securing a substantial $7.5 million (Rs 60 crore). The funding was led by Sorin Investments and Multiply Ventures, with notable participation from Piper Serica and other institutional investors.
This latest injection of capital follows FREED’s previous pre-Series A round in May 2022, which saw the company raise $2.8 million, led by Inflection Point Ventures.
Founded in August 2020 by Ritesh Srivastava, FREED has quickly emerged as a frontrunner in assisting individuals in effectively navigating their debt challenges. The company boasts a significant track record, enrolling over 1,200 crores in stressed retail debt on its platform and serving over 25,000 customers across India.
With this new infusion of funds, FREED aims to accelerate its growth trajectory, deepen its impact within the debt relief landscape, and continue pioneering advancements in the industry. Notable competitors in this segment include Loan Settlement, Single Debt, and CreditQ.
Sorin Investments, spearheaded by industry veterans Sanjay Nayar and Angad Banga, has actively supported promising ventures. The firm’s portfolio, which includes notable names like Uniqus and Venwiz, underscores its commitment to identifying and nurturing innovative startups.
The success of FREED’s Series A round underscores the growing demand for effective debt relief solutions and highlights investor confidence in the platform’s vision and capabilities.
