Kreditbee to foray into secured and unsecured SME lending, says CEO
Fintech platform Kreditbee has raised an additional $100 million in primary funding from Advent International, in an extension of its Series D round. With this, it has now closed the second tranche of its $200 million Series D fund raise.
Fintech platform Kreditbee has raised an additional $100 million in primary funding from Advent International, in an extension of its Series D round. With this, it has now closed the second tranche of its $200 million Series D fund raise.
The fintech will deploy this additional capital towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products.
In an interview to CNBC-TV18, Madhusudan Ekambaram, Co-Founder & CEO of the company said the company will utilise funds for expanding its product offerings.
“There is a technical problem for every lending company – be it banks or NBFC. There is a thing called equity to debt leverage and it plays a very key role in the growth phase of NBFC or a bank. So we were a high scale growing business, we had hit those thresholds and so equity infusion was very much necessary. We also had a very good pedigree of local PE funds and we were looking to get an international PE fund like Advent. We also wanted to increase the different set of products which we want to launch. We are looking to foray into SME lending both secured and unsecured and that is the new segment that we will be looking to expand,” Ekambaram said.
Also, Shashank Mehta, Founder & CEO of The Whole Truth spoke about the company’s $15 million Series B fundraise and the road ahead for the company.
Watch video for more.
(Edited by : Anushka Sharma)
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