Fintech Startup FREED Raises USD 7.5 Mn in Series A Led by Sorin Investments and Multiply Ventures With the most recent funding, Gurugram-based startup hopes to accelerate its growth trajectory, deepen its impact, and continue breaking new ground in the debt relief landscape.
By Entrepreneur Staff •
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Debt relief platform FREED has raised USD 7.5 million in Series A round led by Sorin Investments and Multiply Ventures, with participation from Piper Serica and other funds.
In 20022, it raised USD 2.8 million in a pre-series A investment led by Inflection Point Ventures, with participation from Chandigarh Angels Network, Multiply Ventures, and other investors.
As per the official release, FREED aims to deploy the latest investment to accelerate its growth trajectory, deepen its impact, and continue pioneering advancements in the debt relief landscape.
Maple Capital Advisors was the sole advisor for this fundraise.
Ritesh Srivastava, Founder of FREED, said, "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. This funding will enable us to further enhance our technology, scale our operations, and ultimately, make a meaningful difference in the lives of many."
Founded in 2020 by Ritesh Srivastava, FREED provides credit education, repayment simulations, spend analytics, and customised budgeting.
The startup claims to have enrolled over INR 1,200 crore in stressed retail debt on its platform from more than 25,000 customers across India.
Sanjay Nayar, Founder and Chairman of Sorin Investments, said, "We are excited to work with FREED to help millions of people who struggle with debt due to events outside of their control. 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. We are committed to help build out this new category which sits at the intersection of robust business fundamentals and positive societal impact."
