The spherical was led by Sanjay Nayar-backed Sorin Investments and early-stage enterprise fund Multiply Ventures, with participation from Piper Serica Fund and some others.
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That is the second fairness infusion into the corporate after Freed raised a $2.8 million pre-series A spherical in 2022 from a bunch of angel traders and Multiply Ventures.
Maple Capital Advisors was the only advisor for this spherical of fundraise.
“This important funding not solely validates the significance of our mission but in addition offers us with the sources to broaden our attain and influence. We’re dedicated to assuaging the burden of debt for people throughout India and this funding will allow us to additional improve our expertise, scale our operations,” mentioned Ritesh Srivastava, founder, Freed.
Freed is a consumer-focused startup that helps them repay their money owed by providing means to handle their funds higher. At a time when shopper lending has considerably gone up, Srivastava mentioned, a platform like Freed can really assist shoppers who’re over-leveraged and are going through assortment stress from their lenders.
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Nayar of Sorin Investments mentioned the corporate’s providing offers these individuals with a path to resolve their money owed, in order that they will reside their lives respectfully and with none worry of harassment.With the newest funding, Freed goals to speed up its development trajectory and deepen its influence on the debt reduction panorama. Based in August 2020, Freed has enrolled greater than Rs 1,200 crore in harassed retail debt on its platform throughout greater than 25,000 prospects throughout the nation.
