FREED, a platform dedicated to assisting retail borrowers in managing and reducing their debt, has successfully raised $7.5 million in a Series A funding round.
The investment, led by Sorin Investments and Multiply Ventures, underscores the company’s mission to alleviate financial burdens for individuals facing debt challenges.
Funding Details:
Sorin Investments and Multiply Ventures spearheaded the Series A funding round for FREED, with participation from Piper Serica and other funds. Ritesh Srivastava, Founder of FREED, expressed enthusiasm about the investment, emphasizing its validation of the company’s mission
and its potential to expand its reach and impact. The funding will fuel technological enhancements, operational scalability, and overall growth initiatives.
Company Mission and Impact:
Since its establishment in August 2020, FREED has made significant strides in its mission to alleviate retail debt burdens. With over Rs 1,200 crore in enrolled stressed retail debt from more than 25,000 customers across India,
FREED has established itself as a leading platform in the debt relief landscape. The company charges a monthly subscription fee to provide tailored debt management plans, guiding borrowers towards financial stability through a designated repayment account and negotiation efforts to reduce debt burdens.
Investor Perspective:
Sanjay Nayar, Founder and Chairman of Sorin Investments, expressed excitement about collaborating with FREED to address the challenges faced by millions struggling with debt. He highlighted FREED’s innovative approach,
which offers individuals a path to resolve their debts and regain financial stability, emphasizing the company’s potential for positive societal impact.
Future Growth Trajectory:
With the latest funding injection, FREED aims to accelerate its growth trajectory, deepen its impact, and continue pioneering advancements in the debt relief landscape.
The company remains committed to its mission of empowering individuals to overcome financial challenges and lead dignified lives free from the burden of debt-related stress.
This investment marks a significant milestone for FREED as it solidifies its position as a leader in providing innovative solutions for debt management and relief.
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