KreditBee has concluded its Series C equity round worth $75 Million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment
Bengaluru-headquartered fintech lending startup, KreditBee, has concluded its Series C equity round worth $75 Million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment. KreditBee had previously raised over $43 Million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
“We started with a dream to help the unserved and underserved segments who have always found it difficult to enter the formal lending sector, either due to lengthy offline processes or traditional underwriting methods. 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”, said Madhusudan E, Co-Founder & CEO of KreditBee.
Atul Gupta, Partner at Premji Invest, viewed, “We’re impressed by the vision of KreditBee to formalize the path towards credit enablement for new-to-credit customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth”.
Ashish Dave, CEO at Mirae Asset Venture Investments (India), said, “The large scale at which the platform is able to disburse loans to customers showcases not just the stability and strength of its tech stack, but also a very appropriate credit scoring of customers using alternative data points, which forms a key for new-to-credit customers”.
Registered in March 2016, the group entity also holds Krazybee Services Private Limited – a Systemically important non-deposit taking non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India (RBI) since May 2017. The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specializes 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 lakhs while the tenures range from 2 months to 15 months.
This is to reiterate that the company raised debt from various large-scale and small private sector banks in India, some of which are ICICI Bank, AU Small Finance Bank, Bank of Baroda, HSBC Bank, Catholic Syrian Bank, Jana Bank and Yes Bank. The KreditBee app also provides a unified platform where multiple banks and NBFCs provide credit to the customers as direct lending partners. Along with the group NBFC, some other lending partners on KreditBee platform are Fullerton India Credit Company Ltd, IIFL, Incred, Vivriti Capital Pvt Ltd, AU Small Finance Bank and Northern Arc Capital Ltd.
Qaisar
