About Freo
Freo is a company based in Bengaluru (India) founded in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy.. Freo has raised $46.31 million across 6 funding rounds from investors including Money Forward, SIDBI and Peak XV Partners. The company has 162 employees as of March 28, 2024. Freo offers products and services including UPI Service, Insurance Plans, Investment Tools, and Loan Services. Freo operates in a competitive market with competitors including Niyo, Avail Finance, RapiPay and OneBanc Technologies, among others.
- Headquarter Bengaluru, India
- Employees 162 as on 28 Mar, 2024
- Founders Kunal Varma, Anuj Kacker, Bala Parthasarathy
- Stage Minicorn
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Sectors
Financial Services
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Mwyn Tech Private Limited
- Jurisdiction Bangalore, Karnataka, India
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Annual Revenue
$12 M (USD)5.91as on Mar 31, 2023
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Net Profit
$-4.8 M (USD)23.6as on Mar 31, 2023
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EBITDA
$-5.11 M (USD)15.91as on Mar 31, 2023
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Total Equity Funding
$46.31 M (USD)
in 6 rounds
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Latest Funding Round
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Investors
Money Forward
& 23 more
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Employee Count
162
as on Mar 28, 2024
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Products & Services of Freo
Freo offers a comprehensive portfolio of products and services, including UPI Service, Insurance Plans, Investment Tools, and Loan Services. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Enables instant UPI payments and transfers via mobile app.
Offers affordable coverage for health and daily risks.
Facilitates investments in fixed deposits and digital gold.
Provides instant loans up to ₹5 lakhs with flexible repayment.
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Funding Insights of Freo
Freo has successfully raised a total of $46.31M across 6 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 6
- Last Round Last Round
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First Round
First Round
(30 Nov 2015)
- Investors Count 24
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2024 | Amount | Debt – Conventional - Freo | Valuation |
investors |
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| Jan, 2024 | Amount | Series B - Freo | Valuation | ADQ , Abbey Road Investment Group | |
| Jan, 2020 | Amount | Series B - Freo | Valuation | Aquiline Capital Partners , Peak XV Partners |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Freo
Freo has secured backing from 24 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Money Forward, SIDBI and Peak XV Partners. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Venture capital firm focused on early-stage technology companies
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Founded Year | Domain | Location | |
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ADQ is recognized as a leading sovereign investor focused on sustainable economic transformation in Abu Dhabi.
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Founded Year | Domain | Location | |
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Private equity and debt investments are directed toward financial sectors.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Freo
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Freo
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Freo Comparisons
Competitors of Freo
Freo operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Niyo, Avail Finance, RapiPay and OneBanc Technologies, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Online platform for wealth management
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| domain | founded_year | HQ Location |
Neobank for individuals
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| domain | founded_year | HQ Location |
Agent-based payment solutions for businesses are provided.
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| domain | founded_year | HQ Location |
AI-powered online banking solutions are integrated with HR workflows.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Freo
Frequently Asked Questions about Freo
When was Freo founded?
Freo was founded in 2015.
Where is Freo located?
Freo is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Who is the current CEO of Freo?
Kunal Varma is the current CEO of Freo. They have also founded this company.
Is Freo a funded company?
Freo is a funded company, having raised a total of $46.31M across 6 funding rounds to date. The company's 1st funding round was a Series B of $17.03M, raised on Nov 30, 2015.
How many employees does Freo have?
As of Mar 28, 2024, the latest employee count at Freo is 162.
What is the annual revenue of Freo?
Annual revenue of Freo is $12M as on Mar 31, 2023.
What does Freo do?
Freo, a neobank focused on individuals, was founded in 2015 and is headquartered in Bengaluru, India. Savings accounts are provided through FreoSave, while personal credit lines are available via Moneytap. Purchase financing is facilitated by FreoPay, alongside virtual and physical prepaid cards for bill payments and money transfers. The mobile app is accessible on Android and iOS platforms.
Who are the top competitors of Freo?
Freo's top competitors include Niyo, OneBanc Technologies and Avail Finance.
What products or services does Freo offer?
Freo offers UPI Service, Insurance Plans, Investment Tools, and Loan Services.
Who are Freo's investors?
Freo has 24 investors. Key investors include Money Forward, SIDBI, Peak XV Partners, Aquiline Capital Partners, and RTP Global.
What is Freo's valuation?
The valuation of Freo is $103.47M as of Jan 2024.
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