Bengaluru-based digital banking platform Freo has acquired the credit marketplace IndiaLends. The platform will operate as a different entity under Freo. The acquisition amount was not disclosed.
IndiaLends, founded by Gaurav Chopra and Mayank Kachhwaha in 2015, is a digital credit marketplace, helping individuals discover the right personal loans, credit cards, and credit-building tools tailored to their financial profiles. Per a company statement, It has loan partnerships with over 85 banks and NBFCs across India.
“We have already been doing business for the last 2-3 years because we are also listed on their platform as a lending partner. Of course there will be synergies because we are targeting the same customer segment,” Anuj Kacker, cofounder of Freo, told ET.
Founded in 2015 by Kunal Varma, Kacker, and Bala Parthasarathy, Freo is a consumer financial platform offering UPI payments, credit, insurance, fixed deposits, digital gold, and credit score products — operating under a TPAP licence for UPI, an NBFC licence, and an Insurance CA licence.
Freo is backed by investors like Peak XV Partners, Prime Venture Partners, MegaDelta, and others. Post the acquisition of IndiaLends, Freo will be able to serve over 50 million users in its ecosystem, the statement adds.
Recently, the company raised an undisclosed amount of debt from the Small Industries Development Bank of India (Sidbi) on Feb 15, 2024.
“From an entity perspective, both will run independently in parallel with no immediate change. IndiaLends has a brilliant brand name in the market, there is no reason for us to kill it,” Kacker said.
According to Tracxn data, Freo’s revenue has steadily grown over the years, from Rs 78.6 crore in FY21 to Rs 116.8 crore in FY25. During the same period, the company has reduced its losses from Rs 38.8 crore to Rs 8.8 crore.
Source: Economic Times