- The fresh funding will be utilized to fund the company’s expansion plan
- KreditBee’s parent company Finnov had previously acquired funding over $43 million from institutions including ICICI Bank, Arkam Ventures, Xiaomi, Shunwei Capital, and Kunlun.
- Some proportion of the funding will be spent on increasing the customer network from 40 to 180 million.
Bengaluru-based digital lending platform Kreditbee has secured fresh funding of $70 million in a Series C funding round led by Premji Invest, Mirae Asset, Alpine Capital, and Arkam Ventures. The company was is in extreme need of fresh funding to fuel its expansion plan across the country to reach more customers with the company’s offerings.
The raised funding is precisely to be used to expand the loan products line, strengthen the company’s grip over the market, and adoption of the latest technology to get an edge over the competition.
With this investment company has the vision to deliver its offerings to more than 180 million people new customers, who never took credit service from the company before. However, the company has repeatedly reported a healthy growth rate but to get a healthy surge in current revenue it’s mandatory to expand the customer network.
The company claims to have a customer base of around 20 million people out of the 4 million people who have obtained the loan from the company. The company is looking forward to expanding its current product line by introducing a new segment of products such as digital secured loans and home loans to customers.
KreditBee’s parent company Finnov had previously acquired funding over $43 million from institutions including ICICI Bank, Arkam Ventures, Xiaomi, Shunwei Capital, and Kunlun. Xiaomi has reduced its backing to about 10 percent, from the earlier 40 percent, according to a recent media report that cited a source familiar with the matter.
Due to the current bad diplomatic relationship between India and China, some Indian startups have reduced their investment exposure from Chinese firms and becoming largely Indian hold companies. To damage china, the Indian government has already banned a plethora of Chinese apps, including TikTok and other lending apps