Debt relief platform FREED raised $7.5 M Series A funding from Piper Serica, others

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

Inflection Point Ventures led a pre-Series A round of funding for FREED in May 2022, raising $2.8 million.

By making this most recent investment, FREED hopes to strengthen its position as a leader in the debt relief industry, broaden its influence, and quicken its rate of growth.

Established by Ritesh Srivastava in August 2020, FREED helps people effectively manage their debt problems. According to the company, more than 25,000 customers nationwide have enrolled more than 1,200 crores in stressed retail debt on its platform.

In addition to FREED, other competitors in this market include Loan Settlement, Single Debt, and CreditQ.

Sanjay Nayar of KKR and Angad Banga of Caravel Group founded Sorin Investments, a venture capital firm. In July 2022, the company raised $100 million from various family offices for its first fund. Venwiz and Uniqus are among its portfolio items.

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