FREED Secures $7.5 Million in Series A Funding
FREED, a pioneering platform dedicated to assisting individuals in navigating their debt challenges, has successfully closed its Series A funding round, securing a noteworthy investment of Rs 60 crore ($7.5 million). Spearheaded by prominent investors Sorin Investments and Multiply Ventures, with additional participation from Piper Serica and other institutional funds, this funding infusion underscores the growing demand for innovative financial services aimed at alleviating the burden of debt.
Founded in August 2020 by visionary entrepreneur Ritesh Srivastava, FREED has rapidly emerged as a frontrunner in the field of debt relief, leveraging technology and data-driven insights to empower users and facilitate their journey towards financial freedom. With this latest round of funding, FREED aims to accelerate its growth trajectory, deepen its societal impact, and continue pioneering advancements within the debt relief landscape.
The successful completion of FREED’s Series A funding round represents a significant milestone for the company, reaffirming its position as a disruptor in the financial services industry. Having previously secured $2.8 million in a pre-Series A round led by Inflection Point Ventures in May 2022, this latest investment brings FREED’s total funding to over $10 million, providing the company with the necessary resources to scale its operations and expand its reach.
Speaking on the significance of this funding round, Ritesh Srivastava, Founder and CEO of FREED, expressed his gratitude to the investors and underscored the company’s commitment to empowering individuals to take control of their financial futures. He stated, “We are thrilled to have Sorin Investments and Multiply Ventures join us on this journey towards transforming the debt relief landscape. This investment not only validates the strength of our platform but also enables us to further enhance our offerings and reach a wider audience.”
FREED’s innovative platform offers personalized debt relief solutions tailored to meet the unique needs of each user, thereby enabling them to navigate their financial challenges with confidence and ease. With a focus on transparency, efficiency, and customer-centricity, FREED has successfully enrolled over Rs 1,200 crore in stressed retail debt on its platform, serving more than 25,000 customers across India.
Despite facing competition from other players in the market such as Loan Settlement, Single Debt, and CreditQ, FREED has distinguished itself through its commitment to innovation and customer satisfaction. By harnessing the power of technology and data analytics, FREED continues to set new standards for excellence in the debt relief industry, cementing its reputation as a trusted partner for individuals seeking relief from the burden of debt.
The participation of Sorin Investments and Multiply Ventures in FREED’s Series A funding round further validates the company’s vision and potential for transformative impact. Sorin Investments, led by industry veterans Sanjay Nayar of KKR and Angad Banga of Caravel Group, raised $100 million from multiple family offices for its debut fund in July 2022, signaling confidence in the growth prospects of emerging startups in India’s burgeoning fintech ecosystem.
Commenting on their decision to invest in FREED, Sanjay Nayar, Founder of Sorin Investments, stated, “We are excited to partner with FREED as they continue to pioneer advancements in the debt relief landscape. Ritesh and his team have demonstrated a deep understanding of the challenges faced by individuals dealing with debt, and we believe that their innovative approach and unwavering commitment to customer success will drive significant value for all stakeholders.”
Similarly, Multiply Ventures, known for its strategic investments in high-growth startups, expressed confidence in FREED’s ability to create meaningful impact and drive positive change in the lives of its users. Arjun Mehta, Partner at Multiply Ventures, commented, “FREED’s mission aligns closely with our investment philosophy of backing visionary founders who are leveraging technology to address pressing societal challenges. We are excited to support FREED in its journey towards empowering individuals to achieve financial freedom.”
Looking ahead, FREED remains steadfast in its commitment to empowering individuals to overcome their debt challenges and regain control of their financial futures. With the support of its investors, partners, and dedicated team, FREED is poised to redefine the way individuals approach and manage their debt, paving the way for a brighter, more financially secure future for all.