Indian lendtech KreditBee bags $80m in Series D funding round
Indian lending platform KreditBee has raised $80 million in its ongoing Series D funding round.
Madhusudan E, CEO and co-founder of KreditBee
The round saw participation from existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Ventures, as well as new investor MUFG Bank.
KreditBee was founded in 2018 and is headquartered in Bengaluru. It offers “instant” personal loans to professionals for sums of up to INR 400,000 (approximately $5,000), with the goal of solving the financial inclusion gap across the country.
The company says it will use the fresh funds to diversify its product offering and strengthen its tech stack to be able to “seamlessly” serve over 400 million Indians on its platform. KreditBee adds that it aims to cross the $1 billion mark for assets under management over the next six to nine months.
“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today,” says Madhusudan E, co-founder and CEO of KreditBee.
KreditBee currently offers multiple types of personal loans, online and offline checkout finance, and digital gold.
It plans to add digitally-enabled secured loans, home loans, and credit lines in the future. It is also aiming to expand its lending portfolio by introducing financial services such as insurance, credit score reporting, and merchant-side offers.
KreditBee has raised a total of $200 million in funding to date.
