Debt relief platform FREED raises $7.5 Mn in Series A

Debt relief platform FREED has raised Rs 60 crore ($7.5 million) in its Series A round led by Sorin Investments and Multiply Ventures, with participation from Piper Serica and other institutional funds.

In May 2022, FREED raised $2.8 million in a pre-Series A round led by Inflection Point Ventures.

With this latest investment, FREED aims to accelerate its growth trajectory, deepen its impact, and continue pioneering advancements in the debt relief landscape.

Founded in August 2020 by Ritesh Srivastava, FREED assists individuals in navigating their debt challenges effectively. The company claims to have enrolled over 1,200 crore in stressed retail debt on its platform across more than 25,000 customers pan India.

Besides FREED, Loan Settlement, Single Debt, and CreditQ, among others also compete in this segment.

Sorin Investments, a venture capital firm set up by KKR’s Sanjay Nayar and Caravel Group’s Angad Banga, raised $100 million from multiple family offices for its debut fund in July 2022. Its portfolio includes Uniqus and Venwiz.