SIDBI Invests In Digital Banking Platform Freo
Small Industries Development Bank of India (SIDBI), on Thursday, said that it has made a debt investment of an undisclosed amount in the digital banking platform Freo.
This marks SIDBI’s first debt investment in a fintech company, underscoring their trust in Freo’s business model and future growth prospects.
The funds will provide growth capital to accelerate Freo's pan-India reach and allow it to serve the banking and financial needs of millions more customers.
"This collaboration isn't just a significant achievement for us; it symbolises the beginning of what we anticipate will be a long and fruitful relationship. Our shared goals and commitment to innovation promise a future where we continue to break new ground and set higher standards in the fintech ecosystem," said Anuj Kacker, Co-founder - Freo.
SIDBI actively invests in various sectors, including mobility, startups, and Micro, Small, and Medium Enterprises (MSMEs). It manages several Fund of Funds (FoF) programme on behalf of the Indian government and state governments. These programs aim to boost startups and MSMEs by investing in SEBI-registered Venture Funds and Alternative Investment Funds. These initiatives contribute significantly to fostering entrepreneurship and early-stage investing, ultimately benefiting the Indian economy.
