One of the best fintech lenders, Kreditbee has raised USD 70 million (Rs. 500 Crore) from TPG New Quest Capital Partners and Motilal Oswal Private Equity.
A huge amount of USD 75 million had recently raised by the company from different investors such as Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures.
Finnov, Kreditbee’s holding entity raises the fund. They use this for expansion by developing new lending products and services. This would also help in developing an offline-online lending capability in order to bridge the consumer financing needs of the rural and urban markets.
As a result of this round, Chinese investors, Shunwei and Xiaomi have exited KreditBee Then another Indian investment came a week after Shunwei exited, Bombinate tech. This is the parent of the app Koo
This round of fundraising has forced to the exit of most of the early-stage investors. Fintech firm. witness this.
With the new capital, it looks to level up its lending portfolio beyond personal loans by adding few other credit products, value-added services, deeper channel integration, and partnerships. Madhusudan E, co-founder, and chief executive of Kreditbee gave the statement. They also said they will be adding the new products which will include secured lending products and insurance distribution.
In May 2018, Kreditbee was launched. It has 5 million acquired customers and over 25 million registered users. It has employed over 1,200 employees.
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