FREED, a debt relief platform, has partnered with Castler, a digital escrow platform, to develop a solution aimed at alleviating consumer debt burdens in India. The partnership seeks to provide financial stress relief for debt-ridden individuals. According to Reserve Bank of India (RBI) data, outstanding personal loans surged by 84%, reaching ₹35.98 lakh crore in September 2022, compared to ₹19.55 lakh crore in September 2018.

Founded by Ritesh Srivastava in August 2020, FREED helps debtors by collaborating with banks and lenders to create structured repayment plans, allowing individuals to clear debts and regain financial stability. The platform has helped over 75,000 customers achieve an average debt reduction of 56%.

Castler, backed by Zerodha and Venture Catalysts, is a digital escrow service provider with over 500 enterprise clients and $500 million in managed transactions. The company is growing at a CAGR of 10%, with escrow banking projected to be a $200 billion market by 2030.

Through this partnership, FREED and Castler aim to address the $16 billion consumer debt relief market in India.

Vineet Singh, Founder and CEO, Castler , highlights the serious issue of growing debt stress in India, affecting households due to delayed home projects and rising loan defaults, reinforcing the need for effective debt relief solutions like the one developed through this partnership.