Indian digital lending start-up KreditBee has secured an additional $70m in the second tranche of Series C funding round.
According to the Economic Times, the funding was raised by KreditBee’s holding company Finnov. TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity co-led the round, which also marked the exit of most of the company’s early stage investors.
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Last month, Finnov secured $75m from Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.
With the completion of the second tranche, KreditBee has now raised a total of $145m within a month.
The company will use the proceeds to bolster its lending portfolio to include other products apart from personal loans. It is also planning a service portfolio expansion to offer card-based lending and insurance services.
Finnov co-founder and CEO Madhusudan E was quoted as saying: “A complex demography like India requires simple, effective and impactful lending solutions, that comes with a deeper understanding of the consumer financing needs of the ecosystem.”
Finnov launched KreditBee in 2018. It offers instant personal loans for self-employed and salaried professionals ranging from INR1,000 to INR200,000 for a short period ranging up to 15 months.
Currently, the company employs around 1,200 people and has a user base of over 20 million.
