Fintech platform KreditBee raises $80 mn, aims to diversify portfolio

KreditBee said it will use the funds used to diversify its product portfolio and strengthen its tech stack to serve more than 400 million Indians on its platform. The current investment saw active participation from existing investors Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.

Leading fintech platform KreditBee on Friday said it has raised $80 million as part of its ongoing Series-D investment round, as it aims to cross asset under management (AUM) of more than $1 billion over the next 6-9 months.

The company said it will use the funds used to diversify its product portfolio and strengthen its tech stack to serve more than 400 million Indians on its platform.

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The current investment saw active participation from existing investors Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.

The round also saw participation from MUFG Bank, one of the largest financial institutions across the world.

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Also read | Fintech lending startup KreditBee raises Rs 60 cr from India SME

"With the current round, we look forward to expanding our set of solutions to serve our growing consumer base," said Madhusudan E, Co-Founder and CEO, KreditBee.

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The company offers credit and other personal finance requirements through its in-house RBI-registered NBFC Krazybee Services Private Limited, along with partnership with over 10 financial institutions.

"The KreditBee growth journey since inception has been remarkable, and it has spearheaded many innovations in the consumer lending space," said Atul Gupta, Partner at Premji Invest.

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KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold.

Also read | JJIT Fintech powering Indian cooperative banks on their cloud journey

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The company now plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit lines.

KreditBee facilitates instant personal loans to professionals up to Rs 4 lakh as per their requirements.

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Currently, it has six million loan customers, out of which over two million are active loan customers.

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