Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

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Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others
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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.
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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).

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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.

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