Digital lending startup KreditBee has completed its Series C equity round valued at $75 million from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures, including both primary and secondary investment.
“We started with a dream to help the unserved and underserved segment who have always found it difficult to enter the formal lending sector, either due to lengthy offline processes or traditional underwriting methods. With a larger portfolio of loan products, our objective is to provide credit to over 180 Million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that”, mentioned Madhusudan E, Co-Founder & CEO of KreditBee.
The holding entity has raised more than $43 million cumulatively before in equity from marque investors comprising of ICICI Bank and Arkam Ventures.
On the topic of equity investment, Atul Gupta, Partner at Premji Invest stated, “We are impressed by the vision of KreditBee to formalize the path towards credit enablement for new-to-credit customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth.”
Meanwhile, Ashish Dave, CEO at Mirae Asset Venture Investments (India) said, “The large scale at which the platform is able to disburse loans to customers showcases not just the stability and strength of its tech stack, but also a very appropriate credit scoring of customers using alternative data points, which forms a key for new-to-credit customers.”
The group launched the Bengaluru-headquartered finch lending startup, KreditBee in May 2018. It aimed at full-stack digital lending for young professionals. The platform is an expert in supplying digital personal loans and consumer durable loans to the salaried and self-employed. The platform attempts to branch out its product offering by advancing into digitally-enabled secured loans, home loans and credit line.
