KreditBee secures $80 Million as a part of its ongoing Series-D investment round. The current investment saw active participation from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. The round also saw participation from MUFG Bank, one of the largest financial institutions across the world.
The funds will be used to diversify KreditBee’s product portfolio and strengthen its tech stack to seamlessly serve 400 million+ middle India population on its platform. The company offers credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (Systemically important NBFC) along with partnership with 10+ renowned financial institutions. The platform is well positioned to cross an AUM of USD 1 Billion+ over the next 6 to 9 months.
Talking about the development, Madhusudan E, Co-Founder & CEO, KreditBee, said, “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expand our set of solutions to serve our growing consumer base.”
Shashank Joshi, Deputy CEO and Head Global Corporate Banking, MUFG India, said, “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.”
“The KreditBee growth journey since inception has been remarkable, and 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,” mentioned Atul Gupta, Partner at Premji Invest.
Further, Vinit Mehta, Director and Head of BFSI at MO Alternate Investment Advisors 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.”
KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold. 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.