Bengaluru-based fintech lender Kreditbee has raised USD 70 million (about Rs 500 crore) in a follow-on Series-C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity.
The company had recently raised USD 75 million from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.
The fund has been raised by Kreditbee's holding entity Finnov, and the same will be used for expansion by developing new lending products, and also developing an offline-online lending capability to bridge the consumer financing needs of the rural markets.
Chinese investors Shunwei and Xiaomi have exited KreditBee as a result of this round. This comes a week after Shunwei exited another India investment, Bombinate tech, which is the parent of the app Koo
This round of fundraising has led to the exit of most of the early-stage investors, the fintech firm said.
With the new capital, it looks to scale up its lending portfolio beyond personal loans by adding other credit products, value-added services, deeper channel integration and partnerships, Madhusudan E, co-founder and chief executive of Kreditbee said, adding the new products will include secured lending products and insurance distribution.
Kreditbee, launched in May 2018, is focused on full-stack digital lending for young professionals and has since then acquired over 5 million customers and a registered user base of over 25 million. It employs over 1,200 employees.