Debt relief platform Freed raises $7.5 million led by Sorin Investments

economictimes.indiatimes.com:

Freed has raised $7.5 million in a fresh funding round, the company said in a release today.

The round was led by Sanjay Nayar-backed Sorin Investments and early-stage venture fund Multiply Ventures, with participation from Piper Serica Fund and a few others.

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This is the second equity infusion into the company after Freed raised a $2.8 million pre-series A round in 2022 from a bunch of angel investors and Multiply Ventures.

Maple Capital Advisors was the sole advisor for this round of fundraise.

“This significant investment not only validates the importance of our mission but also provides us with the resources to expand our reach and impact. We are committed to alleviating the burden of debt for individuals across India and this funding will enable us to further enhance our technology, scale our operations,” said Ritesh Srivastava, founder, Freed.

Freed is a consumer-focused startup that helps them repay their debts by offering means to manage their finances better. At a time when consumer lending has significantly gone up, Srivastava said, a platform like Freed can actually help consumers who are over-leveraged and are facing collection stress from their lenders.

Nayar of Sorin Investments said the company’s