Bengaluru, India-based online lending startup KreditBee has announced in February 2021 that it has secured US$ 75M in a Series C funding round from Azim Premji’s PremjiInvest and South Korea-based Mirae Asset Venture. Other participants of the funding round include Alpine Capital and Arkam Ventures.
Remarkably, existing investor Xiaomi (Chinese smartphone maker) has now made an exit from backing the startup. Other investors from the Asian region such as Shunwei Capital and Kunlun also reduced their stake in the startup.
The startup will use proceeds from the funding round to expand its user base.
Madhusudan Ekambaram and Finnov, a Gurgaon-based fintech company launched KreditBee in 2018. Finnov, registered in March 2016, also owns Krazybee, a non-banking financial company (NBFC).
The KreditBee platform focuses on providing personal loans and consumer durable loans of up to US$ 2750 (INR 2 Lakhs) with leases ranging from 2 months to 15 months. The startup currently employs over 1,200 employees and has a user base of over 20 million. It plans to expand its product offering by entering into the domain of digitally-enabled secured loans and insurance.
CEO Madhusudhan Ekambaram said, with a vast portfolio of loan products, their goal is to provide credit to over 180 million new-to-credit (NTC) customers who were unable to secure formal credit earlier. He further added that the latest investment would help them take more progressive steps towards achieving their planned goals.
Atul Gupta, partner at Premji Invest said they are very impressed by the vision of KreditBee to validate the path towards credit enablement for new-to-credit customers. He also noted that the startup has a skilled team and responsible tech-driven underwriting and that they are delighted to partner with them in their next stage of growth.
Ashish Dave, CEO at Mirae Asset Venture Investments (India) said, the large scale at which the KreditBee platform is able to distribute loans to customer’s showcases, not just the steadiness and strength of its tech stack, but also a very apt credit scoring of customers using alternative data points, which forms a key for new-to-credit customers.
Previously, the startup had raised US$ 8M from Shunwei and Xiaomi in 2017. It has also secured US$ 43M in equity financing from ICICI Bank and Arkam Ventures in a Series B funding round.
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