Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others
Feb 15, 2021, 13:17 IST
Bengaluru, Bengaluru-headquartered FinTech lending startup KreditBee on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment.
With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population.
"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," Madhusudan E, Co-Founder & CEO of KreditBee, said in a statement.
The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI).
The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals.
The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed.
The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months.
The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers.
The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line.
SEE ALSO:
Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet
This startup helps you watch shows, shop online and access the internet even without a data connection
Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt
Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’
Advertisement
With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population.
"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," Madhusudan E, Co-Founder & CEO of KreditBee, said in a statement.
The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI).
Advertisement
The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed.
The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months.
The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers.
The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line.
Advertisement
SEE ALSO:
Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet
This startup helps you watch shows, shop online and access the internet even without a data connection
Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt
Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’