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Debt relief platform FREED raises $7.5 Mn in Series A

EntrackrEntrackr ยท 1y ago
Debt relief platform FREED raises $7.5 Mn in Series A
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 KKRโ€™s Sanjay Nayar and Caravel Groupโ€™s Angad Banga, raised $100 million from multiple family offices for its debut fund in July 2022. Its portfolio includes Uniqus and Venwiz.

FlexiLoans raises $35 Mn from Accion, Fundamentum, and others

EntrackrEntrackr ยท 1y ago
FlexiLoans raises $35 Mn from Accion, Fundamentum, and others
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 290 crore approximately $35 million in its series C round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, along with existing backer Maj Invest. The Mumbai-based NBFC-fintech company will use these proceeds to scale its operations, broaden its product portfolio, and boost its technological infrastructure. Flexi loan also raised a total of $16 million in debt this year i.e. $9 million from JM Financial in August and $7 million from Vivtri AMC. Entrackr exclusively reported both the developments. Founded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, FlexiLoans provides MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. The company has disbursed over Rs 7,000 crore in loans mostly to small and medium businesses to date. FlexiLoans covers more than 2000 cities and has partnerships with over 400 partners. FlexiLoans has secured over Rs 2,500 crore in debt and equity financing to date, including a $90 million Series B round, which was a combination of debt and equity led by Fasanara Capital, MAJ Invest, and the family office of Caravel Group chairman Harry Banga, alongside existing investors such as Sanjay Nayar. The Fundamentum-backed company demonstrated a robust financial standing with a 2.4X year-on-year growth to Rs 262 crore in the previous fiscal year (FY24) from Rs 108.5 crore in FY23. However, in pursuit of growth, the profits of the company declined by 50% to Rs 3.3 crore in the same period.

Sadhav Offshore raises Rs 25 Cr in equity round led by Negen Capital

EntrackrEntrackr ยท 7m ago
Sadhav Offshore raises Rs 25 Cr in equity round led by Negen Capital
Medial

Sadhav Offshore, a maritime services company operating in India, has raised Rs 25 crore in an equity round led by the Negen Undiscovered Value Fund. The round also saw participation from family offices and high-net-worth individuals (HNIs). The proceeds will be used to support capital expenditure focused on launching a floating dry dock facility. Sadhav Offshore currently services a wide range of vessels, including over 70% of the Indian Coast Guardโ€™s FPV fleet on the eastern seaboard. The firm operates a repair facility at Paradip Port and has past experience servicing international clients such as Svitzer-Maersk. It also maintains technical partnerships with firms like Kongsberg Maritime for propulsion system servicing. This expansion aligns with national maritime development goals under Sagarmala and Maritime India Vision 2030. The planned dry dock will help fill a critical gap in Indiaโ€™s ship repair infrastructure, which currently lacks enough domestic facilities and often forces ships to go abroad for maintenance. A dry dock is a special structure that lets ships be lifted out of the water so that work can be done on parts that are normally underwater, such as cleaning, repairs, or inspections. By offering reliable, local repair services for both commercial and defence vessels, the new facility is expected to reduce delays and improve operational efficiency.

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