One of India's leading fintech platforms, KreditBee, has secured $80 million as a part of its ongoing Series D investment round. The investment round saw active participation from existing investors — Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. Additionally, MUFG Bank, one of the largest financial institutions across the world also participated.
KreditBee will utilise the funds to diversify its product portfolio and strengthen its tech stack to seamlessly serve over 400 million middle India population on its platform, as per a press release from the company.
The company provides credit and other personal finance requirements through its in- house RBI-registered NBFC — Krazybee Services Private Limited (systemically important NBFC) along with partnership with more than 10 renowned financial institutions with the platform being well positioned to cross AUM (Assets Under Management) of over $1 billion in 2023.
Co-Founder and CEO of KreditBee Madhusudan E said that the investment adds more weight to their vision of encouraging financial independence through a smart digital experience. "With the current round, we look forward to expand our set of solutions to serve our growing consumer base,” he added.
“KreditBee is run on the ethos of enabling underserved customers an easy access to financial products through tech-enabled underwriting. We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers," Deputy CEO and Head Global Corporate Banking, MUFG, Shashank Joshi said.
Partner at Premji Invest, Atul Gupta, said that the growth journey of KreditBee has been remarkable since inception.
“It has spearheaded many innovations in the consumer lending space. We’re confident of KreditBee further consolidating its market leadership position in the coming times,” he added.
Further, Director and Head of BFSI at MO Alternate Investment
Advisors, Vinit Mehta, said, “We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and profitable lending fintech. The company is solving the credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform.”
As per a press release from the KreditBee, the company further plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines. This involves expanding its lending portfolio by introducing financial services like insurance, credit score report, and merchant-side offers, among others.
(Edited by : Anushka Sharma)
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