Peak XV Partners-backed Freo to acquire IndiaLends
07 May 2026, 02:27 PMThe financial details of the deal, which is subject to regulatory approvals, were not disclosed.
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Fintech platform Freo has agreed to acquire digital credit marketplace IndiaLends.
The move is aimed at combining Freo's consumer financial products with IndiaLends' lending marketplace to significantly expand the combined entity's reach and scale, a statement said.
The financial details of the deal, which is subject to regulatory approvals, were not disclosed.
The merged platform is expected to serve over 50 million users, with Freo looking to deepen its presence across payments, credit, insurance, and investments for India's middle-income segment.
Freo, originally launched as MoneyTap in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy, is backed by investors including Peak XV Partners (formerly Sequoia Capital India), Prime Venture Partners, and MegaDelta. The company holds a TPAP licence for UPI, an NBFC licence, and an Insurance CA licence.
IndiaLends, founded by Gaurav Chopra, a London Business School and London School of Economics alumnus and former Capital One banker, operates one of India's largest digital marketplaces for loans and credit cards. The platform has integrations with over 80 banks and NBFCs and is backed by ACP Partners, DSG Consumer Partners, and American Express Ventures, among others.
The combined entity plans to raise a large round of capital to fund its next phase of growth. Integration across teams, products, and partner networks is expected to roll out in phases over the coming months.
"The platforms that win the next decade will combine the right licences, the right distribution, profitable discipline, and AI embedded across the stack. With IndiaLends, Freo now has all four at scale," said Kunal Varma, co-founder and CEO of Freo.
Gaurav Chopra, founder and CEO of IndiaLends, added that joining Freo would amplify the company's founding belief that every Indian deserves access to the right credit at the right time, calling the combined platform a full-stack offering with vast distribution and decades of experience.
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