Lending Startup KreditBee Raises Funding From Advent International
KreditBee, a Bengaluru-based fintech startup, has raised $100 million more in an extension of its Series D round in primary funding from private equity investor Advent International.
As per the startup, the raised funds will be used to scale the existing business and diversify its product offering by venturing into digitally enabled financial products.
KreditBee | Digital Lending Platform
Co-founded by Madhusudan Ekambaram, Karthikeyan Krishnaswamy and Vivek Veda, KreditBee is a Bengaluru-based digital lending platform offering credit and other personal finance services through its registered non-banking financial company, Krazybee Services Pvt Ltd.
The firm has also partnered with over 10 financial institutions to provide credit to borrowers. KreditBee claims to be on track to clock assets under management (AUM) of $1 billion over the next six to nine months.
Speaking about the development, Madhusudan Ekambaram, Co-founder and chief executive officer (CEO) of KreditBee, said,
“The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country.”
The fintech startup offers multiple types of personal loans, online or offline checkout finance, and digital gold. With various repayment 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.
KreditBee claims to have 6 million loan customers, out of which over 2 million are active loan customers.
In December 2022, KreditBee raised $80 million in the ongoing Series D round from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures, with participation from MUFG Bank. The Bengaluru-based is raising close to $200 million in its Series D round.
Commenting on the development, Shweta Jalan, managing partner at Advent International, said,
“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.”
Amid the funding winter, where it has become difficult for startups to raise capital, startups addressing a large market opportunity continue to raise capital to grow.
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