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Debt relief platform FREED has raised INR 60 crore in a Series A2 funding round led by Aavishkaar Capital with participation from existing investors Sorin Investments, Piper Serica and Sattva Ventures.
The latest round comes two years after the company secured INR 60 crore in its Series A round, which was led by Sorin Investments along with Multiply Venture and others. Earlier, in May 2022, FREED raised USD 2.8 million in a pre-Series A round led by Inflection Point Ventures.
The fresh funds will be used to scale operations, enter new geographies, enhance underwriting systems, strengthen product capabilities and build deeper institutional partnerships.
Founded in 2020, FREED offers financial counselling, negotiated settlements and structured repayment plans through trustee-managed special purpose accounts. For borrowers facing stress but still capable of repayment, it also facilitates structured consolidation loans through regulated lending partners.
The platform claims to have counselled over 20 lakh customers and currently manages more than 1.2 lakh active accounts. It has overseen over Rs 3,200 crore in debt under management. The firm is targeting enrollment of nearly USD 1 billion in stressed debt over the next 18 months and reports a compound annual growth rate of about 19% over the past year.
FREED competes with players such as Loan Settlement, Single Debt and CreditQ in the debt resolution segment.
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