KreditBee secures Rs 545 crore in Series C from Premji Invest, and others
Bengaluru-headquartered FinTech lending startup KreditBee on Monday said it has concluded its Series C equity round worth $75 million (about Rs 545 crore) from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment.
With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population.
"With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," Madhusudan E, Co-Founder & CEO of KreditBee, said in a statement.
The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI).
The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals.
The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed.
The loan amount disbursed can go as high as Rs 2 lakh while the tenures range from two months to 15 months.
The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers.
The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line.