KreditBee, a Bengaluru-based fintech startup, has raised $80 million as part of its ongoing Series D round from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.
MUFG Bank also participated in the funding round.
As per the startup, the raised funds will be used to diversify its product portfolio and strengthen its tech stack to cater to over 400 million middle Indian population on its platform.
KreditBee | Digital Lending Platform
Co-founded by Madhusudan Ekambaram, Karthikeyan Krishnaswamy and Vivek Veda, KreditBee is a digital lending platform that offers credit and other personal finance services through its registered non-banking financial company, Krazybee Services Pvt Ltd.
The NBFC company has partnered with over 10 financial institutions to provide credit to its customers.
Speaking about the development, Madhusudan E, co-founder and CEO of KreditBee, said,
“With the current round, we look forward to expanding our set of solutions to serve our growing consumer base. The investment adds more weight to our vision of encouraging financial independence through a smart digital experience.”
The Bengaluru-based fintech offers multiple types of personal loans, online or offline checkout finance, and digital gold. With tenures ranging from 2 to 15 months, borrowers can apply for a personal loan starting from Rs 1,000- Rs 4 lakh as per their requirement.
As per KreditBee, it has 6 million loan customers, out of which over 2 million are active loan customers.
KreditBee plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines. This includes expanding its lending portfolio by introducing financial services like insurance, credit score report, merchant-side offers and more.
Over the next 6 to 9 months, the Bengaluru-based fintech startup is also targeting to cross an asset under management of more than $1 billion.
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