Debt aid platform FREED has raised Rs 60 crore in a Sequence A2 funding spherical led by Aavishkaar Capital, with participation from present buyers Sorin Investments, Piper Serica and Sattva Ventures.

Based in 2020 by Ritesh Srivastava, FREED helps over-leveraged customers resolve unsecured debt and regain monetary freedom, with the suitable steerage and assist at each step.

The Gurugram-based startup claims to have counselled over 20,00,000 prospects and presently manages 120,000+ lively accounts and has overseen Rs 3,200+ crore in debt underneath administration.

It’s on monitor to enrol near $1 billion in harassed debt over the following 18 months. FREED operates a technology-led, borrower-first mannequin constructed on behavioural insights, information intelligence and money flow-based analysis.

“At FREED, our mission is to empower people trapped in cycles of debt to rebuild their monetary well being with dignity. This funding strengthens our potential to scale accountable debt aid options at a time when family indebtedness is rising sharply throughout the nation. We stay dedicated to creating clear, tech-led pathways that give customers an actual probability at monetary rehabilitation,” mentioned Ritesh Srivastava, who can be the CEO of FREED.

Mohit Nichani, CFO of FREED, mentioned, “The enterprise is displaying sturdy working leverage and has been delivering strong monetary efficiency over the previous couple of quarters with a transparent path to profitability.”

Shashvat Rai, Accomplice at Aavishkaar Capital, mentioned, “At Aavishkaar Capital, we imagine that strengthening monetary resilience is foundational to enhancing the lives of underserved households. FREED’s mission to assist people deal with indebtedness aligns deeply with our dedication to again options that create long-term socio-economic stability. By combining expertise, clear processes, and empathetic buyer engagement, FREED is addressing a quickly rising problem, of rising family debt throughout classes.”