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Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments

Economic Times

Economic Times · 1y ago

Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments

Gurugram-based debt relief startup Freed has secured $7.5 million in a funding round led by Sorin Investments and Multiply Ventures. The company, which helps consumers manage and repay their debts, plans to use the investment to expand its reach and enhance its technology. Freed aims to alleviate the burden of debt for individuals in India who may be over-leveraged and facing collection stress from lenders. The startup, founded in 2020, has already enrolled over INR 1,200 crore in stressed retail debt across more than 25,000 customers.

Related News

Debt relief platform FREED raises $7.5 Mn in Series A

Entrackr

Entrackr · 1y ago

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.

Debt relief platform Freed raises $7.5 million led by Sorin Investments

Economic Times

Economic Times · 1y ago

Debt relief platform Freed raises $7.5 million led by Sorin Investments

Gurugram-based debt relief startup Freed has secured $7.5 million in funding in a round led by Sorin Investments and Multiply Ventures. The platform helps consumers manage their finances and repay debts, offering relief to individuals who are over-leveraged and facing collection stress from lenders. The investment will support the company's goal of expanding its reach and enhancing its technology. Since its founding in 2020, Freed has enrolled over Rs 1,200 crore in stressed retail debt, serving more than 25,000 customers in India.

Debt relief startup Freed raises $7.5M led by Sorin Investments, others

IndianStartupNews

IndianStartupNews · 1y ago

Debt relief startup Freed raises $7.5M led by Sorin Investments, others

Gurugram-based startup Freed recently raised $7.5 million in funding to expand its debt relief services. The funding round was led by Sorin Investments and included participation from Multiply Ventures and Piper Serica Fund. Freed offers innovative solutions to help individuals manage their finances effectively and relieve the stress of debt collection. Since its founding in August 2020, the startup has assisted over 25,000 customers with over Rs 1,200 crore in stressed retail debt. The recent funding will support Freed's growth and enhance its technological capabilities in the debt relief landscape.

Fintech Startup FREED Raises

Inc42 · 1y ago

Fintech Startup FREED Raises

Indian fintech startup FREED has raised INR 60 crore ($7.5 million) in a Series A funding round led by Sorin Investments and Multiply Ventures. The funds will be used to expand the company's reach and improve its technology. FREED, founded in 2020 by Ritesh Srivastava, offers debt solutions to individuals through its Debt Resolution Programme and Debt Consolidation Programme. The startup claims to have enrolled over INR 1,200 crore in retail debt on its platform from more than 25,000 customers across India.

Former KKR India chief Nayar’s VC firm leads FREED’s Series A round

VCCircle

VCCircle · 1y ago

Former KKR India chief Nayar’s VC firm leads FREED’s Series A round

Debt relief platform, FREED, has secured INR 60 crore in a Series A funding round led by Sorin Investments, the VC firm founded by former KKR India chief Sanjay Nayar. The funding will be used to help individuals burdened with debt regain their financial freedom. FREED, which claims to provide accessible and ethical debt relief solutions, has already enrolled over INR 1,200 crore in stressed retail debt on its platform from more than 25,000 customers across India.

Enterprise solutions startup Beacon raises $7 million in round led by Sorin Investments

Economic Times

Economic Times · 5m ago

Enterprise solutions startup Beacon raises $7 million in round led by Sorin Investments

Beacon.li, an AI-powered enterprise solutions startup, raised $7 million in a Series A round led by Sorin Investments. The funding will help expand AI capabilities, scale globally, and enhance automation. Founded in 2023, Beacon.li streamlines enterprise software with AI automation, serving clients in India and the US. Investors include Athera Venture Partners and Jafco Asia. Beacon.li's AI reduces support volume by 80% and boosts user adoption fourfold, addressing critical enterprise efficiency needs.

Enterprise supply chain startup Enmovil raises $6 million from Sorin Investments, others - The Economic Times

Economic Times

Economic Times · 4d ago

Enterprise supply chain startup Enmovil raises $6 million from Sorin Investments, others - The Economic Times

Enmovil, a Hyderabad-based supply chain planning platform, raised $6 million, led by Sorin Investments, to enhance AI capabilities and global expansion. Founded by ex-Nvidia and Oracle executives, Enmovil integrates its AI-driven platform with ERP systems, optimizing dispatch routes and forecasting for clients like Maruti Suzuki and Nestle. The funding supports strengthening sales and entering global markets. Enmovil aims to modernize supply chains, which are constrained by outdated systems, providing efficiency gains and resilience.

LeapFrog-backed Healthify raises $20 mn in fresh funding

VCCircle

VCCircle · 10m ago

LeapFrog-backed Healthify raises $20 mn in fresh funding

Health and fitness platform Healthify has raised $20 million in a funding round led by Khosla Ventures and LeapFrog Investments. The funding will be used to expand globally, with a focus on entering the US market and advancing its AI capabilities. Healthify operates a mobile health and fitness app that offers personalized guidance on nutrition and wellness, serving over 40 million users across 300 cities. The company previously raised $30 million in equity and debt in June 2023, bringing its total equity raise to $125 million.

Nexus Venture Partners, Sanjay Nayar’s Sorin top up bets on Uniqus Consultech

VCCircle

VCCircle · 1y ago

Nexus Venture Partners, Sanjay Nayar’s Sorin top up bets on Uniqus Consultech

Uniqus Consultech, a technology-based environmental, social, and governance (ESG) and accounting consultancy firm, has raised $10 million in a Series B funding round. The round was led by Nexus Venture Partners and also saw participation from Sorin Investments. The funding will be used to scale up existing solutions, expand into new markets, and develop the firm's technology stack. Uniqus provides ESG and accounting consulting services and offers AI-assisted financial reporting and ESG platforms. The funding comes after the startup raised $12.5 million in a Series A round last year.

Fintech platform Grip Invest snags $10 mn from multiple investors in Series B round

VCCircle

VCCircle · 1y ago

Fintech platform Grip Invest snags $10 mn from multiple investors in Series B round

Fintech platform Grip Invest has raised Rs 82 crore (around $10 million) in a Series B funding round. The round was led by venture debt firm Stride Ventures and included both equity and debt investments. Other investors in the round included LC Nueva, Multiply Ventures, Venture Highway, Anicut Capital, and AdvantEdge. The funding will be used for product development, distribution, consumer reach improvement, and scaling technological stack. Grip Invest is a digital investment platform that offers high-yield, non-market-linked alternative investment opportunities.

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