Total amount raised
$30 Millions
Latest funding date
3/1/2025
Location
FREED has successfully raised significant capital through multiple funding rounds, including a Series A round and a Seed round. The platform is dedicated to assisting consumers burdened by debt, offering technology-driven solutions and intent-driven support to help them regain financial freedom.
Keep reading to explore the intricacies of FREED's fundraising journey and the investors backing this innovative platform.
What Is FREED?
FREED, founded in 2020, is based in Gurgaon, Haryana, India. The company was established by Alok Sharma and Ritesh Srivastava.
FREED specializes in assisting consumers burdened by debt, offering technology-driven solutions and intent-driven support to help them regain financial freedom. The platform focuses on debt relief and loan settlement services, negotiating with creditors on behalf of their customers.
With a team of 101-250 employees, FREED is dedicated to providing customized programs to help individuals consolidate and resolve their debts, ultimately guiding them towards a debt-free life.
How Much Funding Has FREED Raised?
- Seed Round
- Amount Raised: $2,800,000
- Date: May 2022
- Lead Investors: Chandigarh Angels Network and 6 other investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage development and growth.
- Series A Round
- Amount Raised: $7,500,000
- Date: March 2024
- Lead Investors: Sorin Investments and Multiply Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Accelerate growth, expand reach, and enhance technology.
Total Amount Raised: $10,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Sorin Investments
- Details: Founded by Sanjay Nayar of KKR and Angad Banga of Caravel Group, Sorin Investments focuses on venture capital investments. They raised $100 million from various family offices for their first fund in July 2022.
- Investment Focus Areas: Startups, growth-stage companies, innovative solutions.
- Notable Investments: Venwiz, Uniqus.
- Multiply Ventures
- Details: Founded by Bhushan Patil, Multiply Ventures is an early-stage venture capital firm. They focus on companies that offer systematic approaches to credit literacy and debt management.
- Investment Focus Areas: Early-stage startups, technology-driven solutions, scalable business models.
- Notable Investments: Not explicitly detailed in the sources.
- Piper Serica
- Details: Piper Serica is an investment firm that participated in FREED's Series A funding round. They typically invest in institutional funds and companies with strong growth potential.
- Investment Focus Areas: Financial technology, debt relief solutions, institutional funds.
- Notable Investments: Not explicitly detailed in the sources.
- Inflection Point Ventures
- Details: Inflection Point Ventures led FREED's pre-Series A round in May 2022, raising $2.8 million. They focus on early-stage investments.
- Investment Focus Areas: Early-stage investments, technology startups, innovative solutions.
- Notable Investments: FREED (pre-Series A round).
- Sequoia Capital
- Details: Sequoia Capital is a renowned venture capital firm known for investing in early and growth-stage companies. They have a global presence and a strong track record of successful investments.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Google, Apple, Airbnb.
What's Next for FREED?
FREED stands at the cusp of significant growth opportunities, driven by the increasing demand for debt relief solutions. With over Rs 1,200 crore in stressed retail debt managed and a customer base exceeding 25,000, the platform is well-positioned to expand its reach across India. The recent $7.5 million Series A funding will enable FREED to enhance its technology and scale operations, further solidifying its market presence.
Future fundraising opportunities appear promising as the company continues to attract investor interest. The successful Series A round, led by Sorin Investments and Multiply Ventures, indicates strong confidence in FREED's vision and potential. Additional funding rounds could be on the horizon to support the company's ambitious growth plans and technological advancements.
However, FREED may face challenges such as scaling operations while maintaining service quality, navigating regulatory requirements, and managing competition from other debt relief platforms. Ensuring data security and privacy will also be crucial as the platform grows. Despite these hurdles, FREED's innovative approach and strong investor backing position it well for future success.
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