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.
The platform facilitates personal loan disbursals of up to Rs 4 lakh to salaried individuals through its partner non-banking financial companies (NBFCs) including IIFL Finance, Northern Arc Capital, Vivriti Capital, Poonawala Fincorp, PayU Finance, Piramal Finance, among others.
The company also has its own in-house RBI-registered NBFC Krazybee Services, which also lends to customers on the platform. Besides personal loans, the company also offers checkout finance options and digital gold. Currently, the platform has six million loan customers of which two million are active customers.
“We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite
future prime customers at an early stage,” said Shweta Jalan, Managing Partner at Advent International.
KreditBee has raised close to $400 million till date. In its Series C round in March 2021, the company had raised $70 million from NewQuest Capital Partners and Motilal Oswal Private Equity.
2021 was also crucial for digital lenders like KreditBee as the RBI introduced regulations for digital lenders and enablers, the deadline for which was on November 30.
