Bengaluru-headquartered Fintech lending platform KreditBee has reportedly extended its Series D funding round with a $100 million investment from private equity firm Advent International.
The Advent funding has now topped up the first tranche of the Series D investment round, which also netted $100 million and included contributions from Japan’s Mitsubishi UFJ Financial Group as well as existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments.
Established in May 2018, KreditBee primarily focuses on full-stack digital lending services for young professionals. The Fintech company has around 7 million loan customers, of which 3 million are currently active, and expects to reach $1 billion in assets under management within the upcoming nine months.
The firm intends to use the capital raised to further scale the existing business and to also diversify its product offering by exploring the option of offering digitally-enabled financial products.
Madhusudan Ekambaram, CEO at KreditBee, stated:
“The latest round will help us to achieve our vision of serving over 400 million middle income population in the country.”
Shweta Jalan, managing partner, Advent, remarked:
“We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage.”
As noted by its management, KreditBee is a Fintech platform which provides instant personal loan to professionals, where they can “avail loans up to ₹3 lakhs as per their requirement.”
With a strong focus on online tech-based and data-centric KYC, KreditBee envisions to solve the financial inclusion gap “in the varied demographic segments of the country.”
The platform is “backed by a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners.”
KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is well-funded entity with a cumulative fundraise of more than $200 Million.
It is backed “by some key VC firms and investment entities like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments.”
Also, it “has various debt partners like AU Small Finance Bank, HSBC, Fullerton, and IIFL.”