In an expansion of its Series D round, KreditBee, one of India’s top fintech companies, raised an additional $100 mn in primary investment from Advent International (“Advent”)
Mitsubishi UFJ Financial Group (MUFG), and preexisting investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments helped the business raise Tranche One of Series D last month. The transaction’s sole financial advisor to KreditBee was Avendus Capital, as per reported by Indianweb2.
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On announcing the fundraising, Madhusudan Ekambaram, Co-Founder & CEO of KreditBee, 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.”
The additional funds raised will be used to expand the current company’s operations and extend its product line by introducing digitally connected financial solutions.
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Shweta Jalan, Managing Partner at Advent International, added, “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. We are thrilled about this partnership and to assist KreditBee to drive further value creation in its next phase of sustainable growth.”
Professionals can get quick personal loans up to 3 lakhs from KreditBee, a FinTech platform. KreditBee aims to close the financial inclusion gap among diverse demographics via online tech-based and data-centric KYC.
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Gagan Joshi, Director at Advent International, said, “We are excited about the digital lending opportunity in India, a fast-growing under-penetrated space, which only a handful of FinTechs like KreditBee have been able to crack profitably. We look forward to supporting Madhu and his team in creating a full-service fintech platform to help meet the credit needs of India.”
KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is backed by some key VC firms and investment entities like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital.
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Ashish Dave, CEO of Mirae Asset Venture Investments, said, “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.”
KreditBee is a Personal Loan platform offering Flexi Personal Loans and Personal Loans for Salaried up to ₹ 3 Lakhs to young professionals.
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