KreditBee closes its second tranche of $200 million Series D fundraise

Fintech company KreditBee has raised $100 million as part of its second tranche of its Series D round of funding worth $200 million from private equity firm Advent International. The first tranche of the funding was raised from Japanese bank, Mitsubishi UFJ Financial Group along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. 
 
The additional capital raised will be used for scaling the existing businesses as well as diversifying its product offerings, the company said in a statement. The firm also plans to roll out fintech-based products in the coming times. 
 
Commenting on this development, Madhusudan Ekambaram, co-founder and CEO of the company said, “We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and the long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle income population in the country.”
 
KreditBee is a Bengaluru-based company founded in May 2018. It is a fintech lending platform that provides loans to professionals. Users can avail loans up to Rs 4 lakh, and more. 
 
Shweta Jalan, Managing Partner at Advent International said that KreditBee’s tech stack is one of the best in the industry. “We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage,” she said.

Ashish Dave, CEO of Mirae Asset Venture Investments said that the Bengauru-based company has seen several credit cycles and emerged as a resilient company. 
 
“KreditBee has witnessed several credit cycles and has come out stronger each time reflecting adaptability and resilience of its business model. With this investment, we are strengthening our commitment to back KreditBee’s vision,” he said.
 
Currently, KreditBee has three million active customers. 

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