Introduces MUFG Bank as a new investor to the existing set of investors like Premji Invest, MO Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures
The brand aims to cross an AUM of USD 1 Billion+ over the next 6 to 9 months
by Suman Gupta
Bengaluru | December , 2022: KreditBee, one of India’s leading fintech platforms, has secured USD 80 Million as a part of its ongoing Series-D investment round. The current investment saw active participation from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. The round also saw participation from MUFG Bank, one of the largest financial institutions across the world.
The funds will be used to diversify KreditBee’s product portfolio and strengthen its tech stack to seamlessly serve 400 million+ middle India population on its platform. The company offers credit and other personal finance requirements through its in-house RBI-registered NBFC – Krazybee Services Private Limited (Systemically important NBFC) along with partnership with 10+ renowned financial institutions. The platform is well positioned to cross an AUM of USD 1 Billion+ over the next 6 to 9 months.
Talking about the development, Madhusudan E, Co-Founder & CEO, KreditBee, said, “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expand our set of solutions to serve our growing consumer base.”
Shashank Joshi, Deputy CEO and Head Global Corporate Banking, MUFG India, said, “KreditBee is run on the ethos of enabling underserved customers an easy access to financial products through tech-enabled underwriting. We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers.”
“The KreditBee growth journey since inception has been remarkable, and it has spearheaded many innovations in the consumer lending space. We’re confident of KreditBee further consolidating its market leadership position in the coming times,” mentioned Atul Gupta, Partner at Premji Invest.
Further, Vinit Mehta, Director and Head of BFSI at MO Alternate Investment Advisors said, “We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and profitable lending fintech. The company is solving the credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform.”
KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold. The company further plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines. This involves expanding its lending portfolio by introducing financial services like insurance, credit score report, and merchant-side offers, among others.
About KreditBee: KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹4 lakhs as per their requirements. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country.
The platform is backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a Finnovation Tech Solutions Pvt Ltd brand and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC funds, family offices, and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures, and SIDBI’s investment arm IndiaSME Investments. Currently, it has 6 million loan customers, out of which over 2 million are active loan customers.
