Bengaluru-based digital banking platform Freo has acquired digital credit marketplace IndiaLends in a strategic move aimed at expanding its presence in India’s fast-growing fintech and consumer lending market. The financial details of the acquisition were not disclosed.

Key Highlights

• Freo acquired IndiaLends to strengthen digital lending offerings and expand its consumer credit ecosystem nationwide.
• IndiaLends will continue operating independently while enabling Freo to serve over 50 million users.

Founded in 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends operates as a digital credit marketplace that connects consumers with personal loans, credit cards, and credit-building products tailored to individual financial profiles. The platform has partnerships with more than 85 banks and NBFCs across India.

According to the company, IndiaLends will continue operating as a separate entity under Freo, with no immediate changes to its brand identity or operations.

Commenting on the acquisition, Anuj Kacker, Co-founder, Freo said, “IndiaLends has a brilliant brand name in the market, there is no reason for us to kill it. Both companies have already been working together over the last few years as lending partners, creating strong operational synergies and customer alignment."

Founded in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy, Freo offers a range of digital financial services including savings accounts, personal credit lines through MoneyTap, pay-later solutions, and credit score products.

Following the acquisition, Freo said it will now be able to serve more than 50 million users across its ecosystem, significantly expanding its customer reach and lending distribution network.

Freo is backed by investors including PeakXV, Prime Venture Partners, and MegaDelta. The company has also been strengthening its financial position, recently raising debt funding from SIDBI.

According to Tracxn data, Freo’s revenue has steadily increased from Rs 78.6 crore in FY21 to Rs 116.8 crore in FY25, while its losses narrowed significantly from Rs 38.8 crore to Rs 8.8 crore during the same period.

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The acquisition comes at a time when India’s digital lending and embedded finance sector continues to witness rapid expansion, driven by rising smartphone penetration, increasing demand for unsecured credit, and deeper fintech-bank partnerships.