Bangalore-based fintech startup KreditBee has raised $80 million as part of its ongoing Series D funding round led by existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.
The ongoing Series D round also saw participation from Japan's largest bank MUFG Bank. According to the firm, the raised capital will be used towards diversification of its product portfolio and strengthen its tech stack to cater to over 400 million middle India population on its platform.
“With the current round, we look forward to expanding our set of solutions to serve our growing consumer base,” said Madhusudan E, co-founder and chief executive, KreditBee. “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience,” he added.
Founded in 2016, KreditBee offers credit and other personal finance services through its registered non-banking financial company, Krazybee Services Pvt Ltd.
The startup offers multiple types of personal loans, online/offline checkout finance and digital gold. Borrowers can apply for a personal loan starting from Rs 1,000- Rs 4 lakh as per their requirement, with tenures ranging from 2 to 15 months.
It claims that 2 million active customers, which covers 33% of its total customer base.
KreditBee plans to introduce financial services like insurance, credit score report, and merchant-side offers, among others.
“We believe KreditBee is India’s largest and most profitable lending fintech. The company is solving credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform,” said Vinit Mehta, director and head of banking, financial services and insurance (BFSI) at MO Alternate Investment Advisors.