KreditBee, a digital lending startup in India, has secured $75m in Series C equity round from Premji Invest, Arkam Ventures, Alpine Capital, and Mirae Asset Venture.
According to the Economic Times, the funding round was a mix of primary and secondary investments.
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KreditBee was launched by its parent company Finnov in 2018. It offers instant personal loans for self-employed and salaried professionals ranging from INR1,000 to INR200,000.
Currently, it has a user base of over 20 million.
The lender intends to use this new capital to expand its borrower base and diversify its offerings into digitally secured loans, home loans and insurance.
KreditBee CEO & co-founder Madhusudan said: “We started with a dream to help the unserved and underserved segment who have always found it difficult to enter the formal lending sector, either due to lengthy offline processes or traditional underwriting methods.
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By GlobalData“With a larger portfolio of loan products, our objective is to provide credit to over 180 Million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that.”
KreditBee’s platform hosts non-banking financial companies (NBFC), which are recognised by the Reserve Bank of India (RBI).
KreditBee has previously raised $43m in a Series B equity funding led by ICICI bank and Arkam Ventures.
Commenting on the investment Premji Invest partner Atul Gupta said: “We are impressed by the vision of KreditBee to formalise the path towards credit enablement for new-to-credit customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth.”
The latest funding round also marked the sharp decline in the stake Chinese investors hold in the company. They now hold only 10% stale as against 40% previously.
According to the report, existing Chinese investor Xiaomi has completed exited from the KreditBee.
