In an extended Series D round, digital lending platform KreditBee has raised $9.4 million, or Rs 78.33 crore, from current investors, including Premji Invest, Motilal Oswal Private Equity, and Mirae Asset.
According to KreditBee’s regulatory filing, which was obtained from the Registrar of Companies, the board approved a special resolution to issue 92,322 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 8,485.36 apiece in order to raise Rs 78.33 crore.
Wiseanya Ltd spearheaded the funding round with a Rs 40.91 crore infusion, followed by contributions from Motilal Oswal PE (through India Business Excellence) and Mirae Asset of Rs 9.52 crore and Rs 1.15 crore, respectively. The remaining amount was contributed to the round by Premji Invest, MUFG Bank Limited, and NewQuest Capital.
KreditBee is a platform that helps borrowers and banks or NBFCs complete loans. It was founded by Madhusudan E. The company offers young professionals personal loans up to Rs 4 lakh with interest rates as high as 2.49% for terms ranging from 2 to 15 months.
The company has received a fresh tranche following a 15-month hiatus. In the final quarter of FY22, it raised $180 million in two tranches. Alpine Capital and Newquest Asia are the next two largest external stakeholders, with Premji Invest coming in at 23.44%, according to the media.
Its website claims that it has over 7 million customers and has disbursed credit totaling Rs 30,000 crore.
With a profit of Rs 64.33 crore in FY23, KreditBee went profitable. Its operational revenue increased concurrently to Rs 788.66 crore in the previous fiscal year. Among KreditBee’s main rivals are MoneyTap, EarlySalary, LazyPay, and Sachin Bansal’s Navi.
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