FREED.CARE

Freed is India's 1st Comprehensive Debt Relief Company based in Gurugram.

Financial Services, FinTech

Products and Services

Debt Settlement

Debt Settlement facilitates negotiation with creditors for a repayment offer that is significantly lower than the original debt.

Financial services

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Basic Information

Freed helps financially distressed customers by offering to settle their unsecured loans with the creditors. Freed was founded with a goal to help consumers get debt-free and achieve financial freedom. With the rising defaults (NPAs) in unsecured retail lending, debt settlement is a win-win solution for both, the debtors and the creditors. In a quick span of 8 months since launch, over 3,500 customers with a combined debt load of 180 crores have enrolled with Freed. Freed's Debt Settlement service is powered by an innovative technology platform that manages the entire customer journey, right from enrollment to completion of the Debt Settlement program. Freed uses advanced AI and ML to analyze a customer’s financial situation to evaluate if debt settlement program can help the customer resolve the debt faster and with significant savings.

Legal Name

KAVACH FINANCIAL SERVICES PVT. LTD.

Headquarters

Gurgaon, Haryana, India

Business Model

B2C, B2B2C

Founding Date

2020

No. of Employees

61 to 100

Core Team

Ritesh Srivastava

Founder & CEO

Revenue Stream

Fee-For-Service

Target Market

B2C

As a result of aggressive growth in unsecured lending over the last few years by banks and NBFCs, the gross NPA (defaults) have risen to almost 15% amounting to $30 billion. There are no consumer-friendly debt relief options available and Indian banking & financial systems lack measures and education to help customers regain financial freedom that is lost due to loan defaults and a blemished credit score. Millennials with scarred credit history will lead to a definitive drop in consumption due to their ineligibility to get loans. Freed, India’s first Comprehensive Debt Settlement Company was founded in August 2020, with a mission to help consumers get debt free and achieve financial freedom by instilling financial discipline and driving responsible credit behavior in them.

User Age

18 to 25, 26 to 34, 35 to 45, 46 to 60

User Income

Lower Income, Lower-middle Income

Location

India