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KreditBee raises $100 mn in extended Series D from Advent International

The new funds will be used for scaling KreditBee's existing business and diversifying its product offerings by venturing into digitally enabled financial products

January 06, 2023 / 03:30 PM IST
Representative Image

Representative Image

Fintech platform KreditBee has raised another $100 million as a part of its ongoing Series D funding round from private equity firm Advent International, making it the first large primary funding round of 2023.

In December, KreditBee raised $80 million from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. KreditBee did not disclose the valuation at which it raised the new funds.

The new funds will be used for scaling KreditBee's existing business and diversifying its product offerings by venturing into digitally enabled financial products, the company said in a statement on January 6. The platform is on track to surpass assets under management (AUM) of $1 billion over the next six to nine months, the company said.

"The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country,” said Madhusudan Ekambaram, co-founder and CEO of KreditBee.