FREED raises $2.8 Mn in pre-Series A round

Consumer budgeting platform FREED has raised $2.8 million in a pre-Series A round led by Inflection Point Ventures. The round saw participation from Multiply Ventures, Chandigarh Angels Network, Lead Angels, Hyderabad Angels, The Chennai Angels, and a clutch of HNIs. 

The funds raised will be utilized to develop the team across verticals, build the tech stack to roll out new and differentiated debt relief products/services to scale up customer acquisition and marketing. 

Founded by Ritesh Srivastava, FREED offers personalized budgeting, spend analytics, repayment simulations, debt payoff strategies and credit education.

Since its launch in August 2020, the startup claims to have enrolled over 6,500 consumers with over Rs 350 crore in retail debt and settled over a thousand accounts with creditors, offering debt reduction to consumers and resolution of bad debt for creditors.