Azim Premji-backed KreditBee raises Rs 544 crore, cuts down on Chinese funding
KreditBee's parent company, Finnov, slashed its Chinese investors that now hold only 10 percent as compared to previously holding 40 percent.
February 15, 2021 / 11:10 AM IST
Bengaluru-based digital lending startup KreditBee has raised Rs 544 crore ($75 million) from investors including the Indian business tycoon, Azim Premji's PremjiInvest, The Economic Times reported.
Other investors in the Series C primary and secondary funding round were Mirae Asset Venture from South Korea, US-based Alpine Capital and Arkam Ventures, the report added.
Moreover, KreditBee's parent company Finnov slashed its Chinese investors that now hold only 10 percent, as compared to previously holding 40 percent. China's Shunwei Capital and Kunlunn also slashed their holding in the startup, the report said citing a source.
Following the stalemate between India and China, several Chinese nations were arrested who were running such digital platforms on grounds of alleged malpractices. Google took down several personal loan apps from its Play Store.
KreditBee provides instant personal loans upto Rs 2 lakh and claims to currently sustain a user base of over 20 million. The company plans to enter the secure loans and insurance using the newly acquired funding.
The startup hosts multiple non-banking financial companies (NBFCs) that have a license from the Reserve Bank of India (RBI), states KreditBee's official website.
“With a larger portfolio of loan products, our objective is to provide credit to over 180 million new-to-credit (NTC) customers who were not provided formal credit earlier,” KreditBee CEO and cofounder Madhusudan Ekambaram said.
“This investment would help us take more positive steps towards achieving that,” he added.