Gurgaon-based Consumer debt relief startup Freed has raised $2.8 million in its pre-Series A funding round from Inflection Point Ventures.
Many investors including Chandigarh Angels Network, Multiply Ventures, Lead Angels, Hyderabad Angels, The Chennai Angels, and a clutch of HNIs also participated in this round.
The startup plans to build a technology stack to roll out new and differentiated debt relief products/services to enhance team strength, customer acquisition and brand promotion initiatives across all verticals.
Founded in 2020 by Ritesh Srivastava, The Gurgaon-based Freed helps financially troubled customers by offering to settle their unsecured debts with creditors.
The company aims to disrupt and streamline the existing retail debt settlement market by creating a borrower-centric comprehensive platform that solves end-to-end pain points.
“Freed was founded with a vision to help debt burdened consumers resolve their debt and regain their financial freedom. The problem needed immediate action and Freed will occupy the space of Friend and Financial Resurrector… helping consumers regain normalcy and a sense of balance in their life. IPV has backed some very successful and admirable startups at a very early stage, and we are excited to partner with them in this journey”, said, Ritesh Srivastava, Founder and CEO of Freed.
The company’s debt settlement program also provides personalized budgeting, expense analysis, repayment simulation using AI/ML, loan payment strategy and credit education to help people avoid debt traps, Freed said in a statement.
“Debt can be stressful and create barriers for future loan requirements. However, with Freed, consumers can clear their personal loans, medical emergency loans and other debt. It is the only debt relief platform in India that enables a person to clear their debt smoothly and even reduces the payment amount with their domain expertise, thus giving the customer a chance to improve their credit rating and ultimately be debt free. IPV aims to extend their support in helping Freed strengthen their services and marketing plan”, said, Vinay Bansal, Founder and CEO, Inflection Point Ventures.
Freed was founded with a mission to help debt-burdened consumers resolve their debt and regain their financial freedom. They offer tailor-made debt relief solutions to customers who are in debt and are looking to get debt-free. Their goal is simple, to empower customers to overcome debt and regain their financial freedom and become creditworthy, again!