Kreditbee raises $70 mn from TPG arm, Motilal Oswal PE

Economy


Bengaluru-based lender Kreditbee has raised USD 70 million (about Rs 500 crore) in a follow-on Series-C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. The company had recently raised USD 75 million from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.

The fund has been raised by Kreditbee’s holding entity Finnov, and the same will be used for expansion by developing new lending products, and also developing an offline-online lending capability to bridge the consumer financing needs of the rural markets.

This round of fundraising has led to the exit of most of the early-stage investors, the fintech firm said.

Loading...

With the new capital, it looks to scale up its lending portfolio beyond personal loans by adding other credit products, value-added services, deeper channel integration and partnerships, Madhusudan E, co-founder and chief executive of Kreditbee said, adding the new products will include secured lending products and insurance distribution.

Kreditbee, launched in May 2018, is focused on full-stack digital lending for young professionals and has since then acquired over 5 million customers and a registered user base of over 25 million. It employs over 1,200 employees.



Source link

Articles You May Like

How Covid safe bubble can be created on cruises
Here are the states where retirement savers have the biggest nest eggs
Regeneron to request FDA clearance for antibody drug as preventative treatment
Nike, FedEx targeted by progressive group calling for higher corporate taxes
Biden tax plan may spur boost in Roth retirement accounts

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...