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Fintech platform KreditBee raises $80 mn from Premji Invest, Motilal Oswal Alternates, among others

Fintech platform KreditBee raises $80 mn from Premji Invest, Motilal Oswal Alternates, among others

KreditBee was launched in May 2017 by Madhusudhan E and Karthikeyan K. It currently offers personal loans to self-employed and salaried individuals.

Bhavya Kaushal
Bhavya Kaushal
  • Updated Dec 2, 2022 11:05 PM IST
Fintech platform KreditBee raises $80 mn from Premji Invest, Motilal Oswal Alternates, among others As per data on data intelligence platform, Tracxn, KreditBee has raised about $224 million till date.

Bengaluru-based fintech start-up KreditBee raised $80 million as part of its ongoing Series D round of funding from prominent investors such as Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. The round also saw participation of Japanese financial institution, MUFG Bank. 

The funding will be utilised to diversify KreditBee’s product offerings as well as strengthen its tech stack. Madhusudhan E, the company’s co-founder and CEO, said that the funds will help the company expand its customer base by expanding the set of current solutions. “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today,” he said. 

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KreditBee was launched in May 2017 by Madhusudhan E and Karthikeyan. It currently offers personal loans to the self-employed and salaried individuals. 

The platform is slated to cross assets under management worth $1 billion in the next six to nine months. Moving forward, the company wants to venture into other categories such as digitally-enabled secured loans, home loans, and credit lines. It also wants to introduce financial services such as insurance, credit score report, merchant-side offers, among others. The platform serves two million active loan customers.

KreditBee’s investors also highlighted that it is serving an underbanked segment of the Indian population. “KreditBee is run on the ethos of enabling underserved customers an easy access to financial products through tech-enabled underwriting,” said Shashank Joshi, Deputy CEO and Head Global Corporate Banking, MUFG India.

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As per data on data intelligence platform, Tracxn, KreditBee has raised about $224 million till date. Some of the other companies operating in a similar space include Lenden Club, Movie View, CASHe, and a few others. 
 

Published on: Dec 2, 2022 10:49 PM IST
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