December 2
KreditBee, a Fintech platform, has raised $80 million as a part of its ongoing Series-D investment round.
The round saw participation from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, Mirae Asset Ventures, and MUFG Bank.
According to the fintech platform, the funds will be used to diversify its product portfolio and strengthen the tech stack to seamlessly serve more than 400 million middle India population on its platform.
“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expanding our set of solutions to serve our growing consumer base,” saidMadhusudan E, co-founder and CEO, KreditBee.
Ethos
The company offers credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (Systemically important NBFC) along with partnerships with more than 10 renowned financial institutions.
Shashank Joshi, Deputy CEO and Head of Global Corporate Banking, MUFG India,said, “KreditBee is run on the ethos of enabling underserved customers easy access to financial products through tech-enabled underwriting.”
It offers multiple types of personal loans, online/offline checkout finance, and digital gold and plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines, said the company. Moreover, the platform claims to cross an AUM of more than $1 billion in the next 6 to 9 months.