KreditBee, a FinTech firm secured $80 million as part of its continuing Series D round from investors including Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, which is funded by TPG, and Mirae Asset Ventures. MUFG Bank took part in the round as well.
According to a press statement, the Bengaluru-based business would utilise the cash to broaden its product range and enhance its tech stack in order to serve the platform’s 400 million users in middle India.
“With the current round, we look forward to expanding our set of solutions to serve our growing consumer base,” said Madhusudan E, co-founder, and chief executive, KreditBee.
“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience,” he added.
The development was covered by VCCircle in a story from June.
Through its registered non-banking financial organisation, Krazybee Services Pvt Ltd, KreditBee, which was founded in 2016, provides credit and other personal finance services. For the purpose of giving credit to its clients, the NBFC firm has associated with over ten financial institutions.
Digital gold, online or offline checkout finance, and various personal loan products are all provided by the business. With terms ranging from 2 to 15 months, borrowers can apply for personal loans with amounts ranging from $1,000 to $4 lakh, depending on their needs. Over 2 million of the company’s 6 million loan customers are reportedly still actively using loans.
By foraying into digitally enabled secured loans, home loans, and credit lines, it intends to diversify the range of products it offers.
According to the plans, the lending portfolio will be widened by the addition of financial services like insurance, credit score reports, and merchant-side deals, among others. Over the next six to nine months, it also aims to surpass a $1 billion asset under management milestone.
“We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and most profitable lending FinTech. The company is solving the credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform,” said Vinit Mehta, director, and head of banking, financial services, and insurance (BFSI) at MO Alternate Investment Advisors.
In March of last year, the holding company for the FinTech companies KreditBee and Krazybee Services raised $70 million (roughly Rs. 506.7 crores) in funding. A group of investors, including PremjiInvest, Mirae Asset Naver Asia Growth Fund, Alpine Capital, and Arkam Ventures, contributed $75 million (roughly 544 crores) to the parent company’s Series C round at the beginning of 2021.
KrazyBee is the holding company’s NBFC division, whereas KreditBee focuses more on professionals who are salaried and self-employed.