About Freo
Freo is a Financial Services company based in Bengaluru (India) founded in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy. Digital banking services are offered to individual users. 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. Freo has completed 1 acquisition, including IndiaLends. Freo was last valued at $103.47 million in January 2024. Its chief executive, as recorded, is Kunal Varma. Its website freo.money draws about 100 thousand monthly visits. Its Indian entity Mwyn Tech Private Limited reported revenue of ₹117 Cr. Freo offers products and services including UPI Service, Insurance Plans, Investment Tools, and Loan Services. Its focus areas include FinTech, Banking Tech, Internet First Banks and Through Bank Partnerships. Its competitors include Niyo, Avail Finance and RapiPay; 3 of its 3 listed competitors have raised funding.
Company details
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.
- Headquarters Bengaluru, India
- Employees 162
- Founders Kunal Varma, Anuj Kacker, Bala Parthasarathy
- Stage Minicorn
- SectorsFinancial Services
- Website freo.money
- Social LinkedIn X Facebook Instagram
- Legal Name Mwyn Tech Private Limited
- Date of Incorporation 20 Oct, 2015
- Jurisdiction Bangalore, Karnataka, India
- Annual Revenue₹117 Cr
FY 2025 · +5% YoY
- Net Loss-₹8.79 Cr
FY 2025 · -8% margin
- EBITDA-₹6.85 Cr
FY 2025 · -6% margin
- Total Equity Funding$46.31M (USD)
in 6 rounds
- InvestorsMoney Forward
& 23 more
- Employee Count162
- Investments & Acquisitions
Associated legal entities of Freo
Freo operates through Mwyn Tech Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Mwyn Tech Private Limited CIN U72200KA2015PTC083534 | Active | 20 Oct 2015 | Bangalore, Karnataka | ₹117 Cr | 162 | 3 | View details |
Products & Services of Freo
Freo offers a comprehensive portfolio of products and services, including UPI Service, Insurance Plans, Investment Tools, and Loan Services.
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.
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 $46.31M
- Total Rounds 6
- First Round $3.3M
(Nov 2015)
- Investors Count 24
All 6 funding rounds of Freo with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb 2024 | Debt – Conventional | – | – | ||
| Jan 2024 | $5.8M | Series B | $103.47M | ADQ, Abbey Road Investment Group | |
| Jan 2020 | $17.03M | Series B | $131.12M | Aquiline Capital Partners, Peak XV Partners | |
| Apr 2019 | $11.15M | Series A | $••••• | RTP Global, Money Forward | |
| Jun 2017 | $9.03M | Series A | $••••• | Peak XV Partners | |
| Nov 2015 | $3.3M | Seed | $••••• | New Enterprise Associates, Prime Venture Partners |
| Date | Valuation | Stage |
|---|---|---|
| Jan 2024 | $103.47M | •••••••• |
| Jan 2020 | $131.12M | •••••••• |
| Apr 2019 | $••••• | •••••••• |
| Jun 2017 | $••••• | •••••••• |
| Nov 2015 | $••••• | •••••••• |
Full valuation and stage history of Freo
Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.
- All valuation points
- Stage changes
- Dates
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Verified entity values are shown only after access is granted.
Last known valuation $103.47M (Jan 2024). 24 investors in total: 18 institutional and 6 angel.
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.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Venture capital firm focused on early-stage technology companies | 2011 | rtp.vc | New York, United States | |
ADQ is recognized as a leading sovereign investor focused on sustainable economic transformation in Abu Dhabi. | adq.ae | Abu Dhabi, United Arab Emirates | ||
Private equity and debt investments are directed toward financial sectors. | 2005 | aquiline.com | New York, United States | |
Investment intelligence and portfolio services in finance. | 2019 | megadeltacapital.com | Mumbai, India | |
Early-stage venture capital fund | beenext.com | Singapore, Singapore | ||
Venture capital firm investing in startups and providing support programs. | 2000 | peakxv.com | Bengaluru, India | |
Venture capital fund focused on tech startups | primevp.in | Bengaluru, India | ||
Venture capital firm focused on multiple sectors | nptk.tcc.mode | |||
Multiple sectors are invested in by this venture capital fund. | nptkemergingasiafund.tcc.mode | Singapore, Singapore | ||
Venture capital investments are offered to startups by NEA. | nea.com | Menlo Park, United States |
Investor details for Freo
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Board of directors of Mwyn Tech Private Limited (Freo)
Mwyn Tech Private Limited is the primary company behind Freo. The board of Mwyn Tech Private Limited currently have 3 directors; the longest-serving is Anuj Kacker Ashok, appointed in 2015. 1 earlier director has ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Anuj Kacker Ashok DIN 06603999 | Whole-time director | 20 Oct 2015 | 11 yrs | Mwyn Tech Private Limited |
| Abdul Mubarak DIN 08049555 | Director | 10 Jan 2018 | 8 yrs 9 mo | Mwyn Tech Private Limited |
| Kunal Varma DIN 02731251 | Director | 27 Dec 2018 | 7 yrs 9 mo | Mwyn Tech Private Limited |
People of Freo
19 people are tracked at Freo (9 in leadership, 10 in team); the tracked headcount is 162.
| Name | Role | Group |
|---|---|---|
| Co-Founder & CEO | Leadership | |
| Co-Founder & COO | Leadership | |
Bala Parthasarathy | Co-Founder | Leadership |
Sandeep Banu | Head Of Human Resources | Leadership |
Ankan Singhvi | CTO | Leadership |
Rohit Mittal | Vice President - Revenue | Leadership |
Aditya Sarwate | Head Of Operations | Leadership |
Elango Ramaraj | Chief Technology Officer | Leadership |
Yogesh Raj | Head Of Risk | Leadership |
Raaziya Banu | Senior Associate- Human Resource & Talent Acquisition | Team |
Debasis Pal | Senior Business Analyst -risk | Team |
Abhisekh Samantaray | Operations Manager (finops) | Team |
Abilash Jeno | Manager Fraud Risk | Team |
Ankita Singh | Senior Operations Associate | Team |
Suraj Yadav | Revenue & Growth Manager | Team |
Prakhar Sahay | Assistant Manager | Team |
Bhavya Rajvanshi | Lead-human Resource | Talent Acquisition Specialist, Employee Benefits & Wellness | Team |
Vivek Pv | Operations Manager | Team |
Rajiv Kumar Saw | Senior Software Developer | Team |
Complete people profiles for Freo
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
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Financials of Freo
Figures of Mwyn Tech Private Limited, the primary company behind Freo, for FY 2025. Revenue was ₹117 Cr (+5% year on year). Net loss was -₹8.79 Cr (-8% margin). EBITDA was -₹6.85 Cr (-6% margin). Revenue has grown at a compounded annual rate of +7% over three years and +6% over five years.
- ₹117 CrRevenue · FY 2025 · +5% YoY
- -₹8.79 CrNet loss · -8% margin
- -₹6.85 CrEBITDA · -6% margin
- ₹3.2 LakhPaid-up capital
- 162Employees (provident fund records)
- +7%Revenue CAGR, 3 years
- +6%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Mwyn Tech Private Limited are on its company page.
Detailed financial statements for Freo
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
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Investments & Acquisitions by Freo
Freo has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include IndiaLends.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Online platform providing loans and credit cards from various financial institutions | indialends.com | Gurugram, India | 2014 | May 2026 | •••• |
Complete acquisition details for Freo
Acquired stakes, deal sources and the complete acquisition history require an active premium plan.
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Verified entity values are shown only after access is granted.
Timeline of Freo
5 dated milestones of Freo across 11 years, from founding to its latest funding, stage changes and deals.
- Founded Freo is founded.
- Funding First funding round of $3.3M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Debt – Conventional,.
- Acquisition Acquires IndiaLends.
Competitors of Freo
Freo has 3 listed competitors in our database, 3 of them funded. They include Niyo, Avail Finance and RapiPay.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| goniyo.com | 2015 | Bengaluru, India | $179.35M | 410 | Online platform for wealth management | |
| availfinance.in | 2017 | Bengaluru, India | $38.48M | 2 | Neobank for individuals | |
| rapipay.com | 2018 | Delhi, India | $24M | 606 | Agent-based payment solutions for businesses are provided. |
Detailed competitors of Freo
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Web traffic of Freo
The website of Freo (freo.money) receives about 100K visits a month.
- Monthly visits100K
▼ 36.8% vs previous month
Websites whose visitors overlap most with Freo. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| loantap.in | 100% | 46K | #640,822 | View details | |
| paymeindia.in | 95% | 564.2K | #85,391 | View details | |
| cashe.co.in | 92% | 269.8K | #125,037 | View details | |
| lazypay.in | 92% | 503K | #120,104 | View details | |
| fincover.com | 90% | 37.1K | #714,630 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 40 similar websites and full traffic analytics for Freo
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Related news about Freo
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Frequently Asked Questions about Freo
Freo was founded in 2015.
Freo is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Kunal Varma is the CEO of Freo, as recorded in our data. They have also founded this 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 Seed of $3.3M, raised on Nov 2015.
Freo has 162 employees.
The primary company behind Freo, Mwyn Tech Private Limited, reported revenue of ₹117 Cr for FY 2025, up 5% year on year.
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.
Freo's top competitors include Niyo, Avail Finance and RapiPay.
Freo offers UPI Service, Insurance Plans, Investment Tools, and Loan Services.
Freo has made 1 acquisition, including IndiaLends.
Freo has 24 investors. Key investors include Money Forward, SIDBI, Peak XV Partners, Aquiline Capital Partners, and RTP Global.
The valuation of Freo is $103.47M as of Jan 2024.