Digital lending platform KreditBee has raised another $100 million in its Series D round from private equity firm Advent International. With this, the company has raised $180 million in the past two months.
In December, KreditBee raised $80 million in the first tranche of the round from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset.
The additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products, KreditBee said in a press release.
As per Entrackr‘s sources, the round is closed and the company is raising the remaining $20 million from existing backers. The company is likely to be valued at around $675-700 million. Before this, KreditBee closed its $145 million Series C round in March 2021.
Led by Madhusudan E, KreditBee is a platform facilitating loan transactions between borrowers and NBFCs or banks. The company provides personal loans up to Rs 4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49%.
The company serves the credit and other personal finance requirements through its own NBFC – Krazybee Services Private Limited along with partnerships with over 10 financial institutions. According to KreditBee, the platform is on track to surpass $1 billion in assets under management over the next 6-9 months.
Currently, KreditBee claims to have 7 million loan customers, out of which over 3 million are active loan customers. It competes with MoneyTap, EarlySalary, LazyPay, and Sachin Bansal’s Navi.