Digital loaning startup KreditBee has raised its Series C round worth $75 million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital, and Arkam Ventures both primary and secondary investment consisted.
In past, KreditBee has raised more than $43 million aggregately in value from financial backers including ICICI Bank and Arkam Ventures. As per the Bengaluru based company, the returns will be utilized to expand its loan offerings and improve its technology stack
The co-founder and CEO of KreditBee Madhusudan Ekambaram said in a statement “…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,”
Determined by full-stack digital financing to young professionals, KreditBee specializes in providing digital private loans and consumer durable loans up to Rs two lakh to both salaried and self-employed to get a waiver of 2 to 15 months.
The company claims to have a consumer base of over 20 million.
KreditBee app additionally provides a unified platform in which several banks and NBFCs offer credit to the clients as direct financing partners.
Together with its NBFC, some additional financing partners on its own stage are Fullerton India Credit Company Limited, IIFL, Incred, Vivriti Capital Private Limited, AU Small Finance Bank, and Northern Arc Capital Limited.
While KreditBee did not disclose the details of the transaction, an ET report said that the company’s existing investor Xiaomi has made a complete exit. Other Chinese backers Shunwei Capital and Kunlun have either partially or entirely exited after this round, the report added.
While KreditBee did not reveal the details of the transaction, an ET report said that the organization existing investor Xiaomi has made a total exit.
Other Chinese supporter Shunwei Capital and Kunlun have completely left after this round, the report added.
KreditBee has a direct contest with MoneyTap, EarlySalary, LazyPay and Sachin Bansal’s Navi.