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Debt relief platform FREED raises $7.5 Mn in Series A
Entrackr
·
1y ago
Medial
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.
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Debt relief platform Freed raises $7.5 million led by Sorin Investments
Economic Times
·
1y ago
Medial
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.
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Debt relief startup Freed raises $7.5M led by Sorin Investments, others
IndianStartupNews
·
1y ago
Medial
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.
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Fintech Startup FREED Raises
Inc42
·
1y ago
Medial
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.
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Former KKR India chief Nayar’s VC firm leads FREED’s Series A round
VCCircle
·
1y ago
Medial
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.
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Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments
Economic Times
·
1y ago
Medial
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.
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Curebay raises $7.5 Mn from Elevar Equity
Entrackr
·
1y ago
Medial
Health-tech platform Curebay has raised Rs 61.8 crore ($7.5 million) in an extension of its Series A round, led by existing investor Elevar Equity. Curebay aims to make healthcare accessible to small towns and villages through its technology-enabled platform and network of e-clinics. The Chennai-based company was valued at around Rs 450 crore ($55 million) post-allotment. Curebay's revenue from operations stood at Rs 63 lakhs during FY23, with losses of Rs 15.95 crore in the last fiscal year.
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DrinkPrime raises $3 Mn from SIDBI Ventures
Entrackr
·
1y ago
Medial
DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised $3 million from SIDBI Venture Capital Ltd. (SVCL), an investment management company and a wholly owned subsidiary of SIDBI. The Bengaluru-based startup had raised Rs 60 crore ($7.5 million) in a mix of equity and debt round led by Omidyar Network India, others in July 2022. Prior to that, it raised around Rs 21 crore in its pre-series A round led by Peak XV’s Surge in August 2021. Founded in 2016 by Vijender Reddy and Manas Ranjan Hota, DrinkPrime works towards enabling access to clean drinking water with Internet-of-Things (IoT)-enabled customised water purifiers on subscription to users. DrinkPrime currently provides clean drinking water access to over 2 lakh families across seven cities in India. With further expansion plans, DrinkPrime is also gearing up for its Series B fundraise. According to startup data intelligence platform, TheKredible, DrinkPrime reported an operating revenue of Rs 28.94 crore with a loss of Rs 27 crore in FY23. In the subscription model, DrinkPrime competes with Livpure, Acquaguard and ZunPure.
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Rebel Foods raises $13 Mn debt
Entrackr
·
1y ago
Medial
Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital. This is the fifth debt funding for the parent company of EatSure (previously Faasos) after its last equity round in 2021. The board at Rebel Foods has passed a special resolution to issue 11,000 Series G1 non-convertible debentures at an issue price of Rs 1,00,000 per debenture to raise Rs 110 crore, regulatory filings with the Registrar of Companies (RoC) show. Orbis Trusteeship (through Alteria) has invested Rs 65 crore while Vistra ITCL ( via InnoVen Capital) pumped in Rs 45 crore during the debt round. The tenure of paying Series G1 debt is up to 01 May 2027. According to filings, each debenture issued in the debt round shall be entitled to the interest of 13.90% per annum. The interest shall be payable on a monthly basis. In April last year, it raised Rs 75 crore ($9 million) in debt from Catalyst Trusteeship (Northern Arc) and Stride Ventures. In 2022, the Mumbai-based firm received Rs 230 crore across three debt fundings. Rebel Foods operates food brands such as Faasos, Behrouz Biryani, Oven Story Pizza, Mandarin Oak, The Good Bowl, and Slay Coffee with more than 450 kitchens in over 70 cities. It has a portfolio of over 45 brands across multiple countries—India, United Arab Emirates (UAE), Saudi Arabia and the UK. The company is planning to take Oven Story Pizza offline and will open 250-300 outlets over the next two-three years. The Jaydeep Barman-led company entered the unicorn club after a $175 million Series F round led by Qatar Investment Authority in October 2021. The Peak XV-backed company raised its last equity round of $14.5 million in November 2021. Rebel Foods’s operating revenue surged to Rs Rs 1,258 crore in FY23 from Rs 856 crore in FY22. According to startup data intelligence platform TheKredible, its losses jumped to Rs 656 crore in FY23 from Rs 564 crore in the previous year. As per media reports, Rebel Foods is planning for an initial public offering (IPO) by 2025, making it the first firm from cloud kitchen space to list on the Indian stock exchange.
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Peak XV-backed Bright Money raises $62 Mn
Entrackr
·
1y ago
Medial
Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.
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Student housing startup Your-Space raises $8.2 Mn debt
Entrackr
·
4m ago
Medial
Exclusive: Student housing startup Your-Space raises $8.2 Mn debt Student housing startup Your-Space has raised Rs 70 crore (approximately $8.2 million) in debt led by existing investor Shantanu Rastogi, Managing Director of General Atlantic. The round also includes participation from other existing investors, including Castle Investments and Ajax Capital. The board at Your-Space has passed a special resolution to issue 10,14,493 compulsory convertible debentures (CCDs) at an issue price of Rs 690 each to raise Rs 70 crore, according to its January regulatory filing accessed from the RoC. Shantanu Rastogi led the round with an investment of Rs 25 crore, followed by new investor Ashish Kacholia, who will contribute Rs 10 crore. Other notable investments include Rs 7.5 crore each from Satyadharma Investments and Castle Investments, while Ajay Gupta’s family office, Ajax Capital, and Holy Basil Consultancy will invest Rs 5 crore each. The company has already received approximately Rs 51 crore out of Rs 70 crore while the rest of the amount will follow soon. The fresh proceeds will be used for working capital requirements, creditor payments, and other general business operations, the filings added. Notably, the conversion of debentures into equity shares will be done at the valuation of Rs 185 crore against the above-mentioned sum at a later date, the filings further added. Your-Space is a student housing company offering affordable PGs, hostels, and co-living spaces for both girls and boys. With over 60 smart spaces, the company integrates tech-enabled safety features, including facial recognition, biometrics, and digital locks. According to startup data intelligence platform TheKredible, the company has raised around $17.6 million in funding including both debt and equity including a $10 million Series A round raised in January 2022 led by Shantanu Rastogi. The Delhi-based company reported over 20% year-on-year growth in operating revenue to Rs 142.7 crore in FY24, compared to Rs 117.2 crore in FY23. The Delhi-based company also posted a loss of Rs 30.7 crore during the same period.
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