Fintech Company Kreditbee secures USD 80 million in series financing round
KreditBee is a Finnovation Tech Solutions Pvt Ltd brand which is a Series C funded entity with a cumulative raising of over $200 million. It will use the funds to diversify its product portfolio and strengthen its technology stack to seamlessly serve over 400 million residents of mid-India on its platform.
One of India’s leading fintech platforms, KreditBee, has secured $80 million as part of its ongoing Series D investment round. The investment round saw active participation from existing investors – Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners and Mirae Asset Ventures. In addition, MUFG Bank, one of the largest financial institutions worldwide, participated.
KreditBee will use the funds to diversify its product portfolio and strengthen its technology stack to seamlessly serve over 400 million residents in central India on the platform, according to a company press release.
The company offers credit and other personal finance requirements through its in-house RBI registered NBFC — Krazybee Services Private Limited (systemically important NBFC) along with partnerships with more than 10 reputed financial institutions with the platform well positioned to cross AUM (Assets Under Management) of over 1 billion dollars in 2023.
KreditBee co-founder and CEO Madhusudan E said the investment adds more weight to their vision of encouraging financial independence through a smart digital experience. “With the current round, we look forward to expanding our set of solutions to serve our growing consumer base,” he added.
“KreditBee is run on the ethos of providing underserved customers with easy access to financial products through technology-enabled insurance. We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers,” said Shashank Joshi, Deputy Managing Director and CEO for Global Corporate Banking, MUFG.
Partner at Premji Invest, Atul Gupta said the growth journey of KreditBee has been remarkable since its inception.
“It has led many innovations in consumer lending. We are confident that KreditBee will further consolidate its market leadership position in the coming times,” he added.
Furthermore director and head of BFSI at MO Alternate Investment
Advisors, Vinit Mehta, said, “We are excited to double our investment in KreditBee, which we believe is India’s largest and most profitable lending fintech. The company is addressing the credit needs of the growing and ambitious yet underserved middle-income consumer of ‘Bharat’ through an innovative platform .”
According to a press release from KreditBee, the company plans to further diversify its product offering by investing in digitally enabled secured loans, mortgages and lines of credit. This involves expanding the lending portfolio by introducing financial services such as insurance, credit score report and offers on the seller’s side, among others.
(Edited by : Anushka Sharma)
