Bengaluru-based startup KreditBee has raised $80 million as part of its ongoing Series D round from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. MUFG Bank also participated in the current funding round.
The company will use the funds to diversify its product portfolio and strengthen tech stack to cater to over 400 million middle India population on its platform, it said in a release.
“With the current round, we look forward to expanding our set of solutions to serve our growing consumer base,” said Madhusudan E, co-founder and chief executive, KreditBee.
“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience,” he added.
Founded in 2016, KreditBee offers credit and other personal finance services through its registered non-banking financial company, Krazybee Services Pvt Ltd. The NBFC company has partnered with over 10 financial institutions to provide credit to its customers.
“We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and most 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,” said Vinit Mehta, director and head of banking, financial services and insurance (BFSI) at MO Alternate Investment Advisors.
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