Freed, a debt relief platform formed in 2020 by Ritesh Srivatsava, has secured $2.8 Million in Pre-series funding. Inflection Point Ventures (IPV) led the financing round, which also saw the participation of several investor networks, including Chennai Angels, Hyderabad Angels, Multiply Ventures, and Chandigarh Angels.
The funds will be used to build the tech stack to roll out new debt relief services.
The funds raised will boost the team across all verticals and build a tech stack rollout to promote new and differentiated debt relief services. Vinay Bansal, founder and CEO of IPV, also stated that IPV will extend support to strengthen Freed’ marketing and service planning.
The funds raised will boost the team across all verticals and build a tech stack rollout to promote new and differentiated debt relief services. Vinay Bansal, founder and CEO of IPV, also stated that IPV would extend support to strengthen Freed’ marketing and service planning.
The founder and CEO of Freed, Ritesh Srivastava, aims to help customers burdened with debt regain financial freedom, with the company playing the role of a financial resurrector. By assisting customers in settling debts incurred from medical expenses and personal loans, Freed enables customers to gain relief from the burden of piling debts. Freed provides a neutral platform for creditors and debtors to resolve their concerns amicably. Over 6500 customers have benefitted from the debt relief platform with INR 350 crore in retail debt.
Debt relief platforms like Freed are the need of the hour, with current retail unsecured loans surpassing $160 billion and growing at 12% CAGR. The company aims to resolve a $15 billion non-performing assets problem in light of this situation. Freed has also allowed thousands of creditors to resolve bad debts. People facing financial constraints often face the problem of mounting debts and need to borrow further to meet their needs. The company offers relief to debt incurred by customers from personal and emergency loans, enabling them to secure their financial future and regain a sense of balance in their lives.
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