Digital lending startup KreditBee has raised its Series C round worth $75 million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment.
Previously, KreditBee had raised over $43 million cumulatively in equity from investors including ICICI Bank and Arkam Ventures. According to the Bengaluru-based company, the proceeds will be used to expand its loan product offerings and strengthen its technology stack.
“…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,” the co-founder and CEO of KreditBee Madhusudan Ekambaram said in a statement.
Focused on full-stack digital lending for young professionals, KreditBee specializes in providing digital personal loans and consumer durable loans of up to Rs 2 lakh to both salaried and self-employed for a tenure of 2 to 15 months. The company claims to have a user base of over 20 million.
KreditBee app also provides a unified platform where multiple banks and NBFCs provide credit to the customers as direct lending partners. Along with its own NBFC, some other lending partners on its platform are Fullerton India Credit Company Limited, IIFL, Incred, Vivriti Capital Private Limited, AU Small Finance Bank and Northern Arc Capital Limited.
While KreditBee did not disclose the details of the transaction, an ET report said that the company’s existing investor Xiaomi has made a complete exit. Other Chinese backers Shunwei Capital and Kunlun have either partially or entirely exited after this round, the report added.
KreditBee directly competes with MoneyTap, EarlySalary, LazyPay and Sachin Bansal’s Navi.