Indian digital lending start-up KreditBee has secured an additional $70m in the second tranche of Series C funding round.
According to the Economic Times, the funding was raised by KreditBee’s holding company Finnov. TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity co-led the round, which also marked the exit of most of the company’s early stage investors.
Go deeper with GlobalData
Last month, Finnov secured $75m from Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.
With the completion of the second tranche, KreditBee has now raised a total of $145m within a month.
The company will use the proceeds to bolster its lending portfolio to include other products apart from personal loans. It is also planning a service portfolio expansion to offer card-based lending and insurance services.
Finnov co-founder and CEO Madhusudan E was quoted as saying: “A complex demography like India requires simple, effective and impactful lending solutions, that comes with a deeper understanding of the consumer financing needs of the ecosystem.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFinnov launched KreditBee in 2018. It offers instant personal loans for self-employed and salaried professionals ranging from INR1,000 to INR200,000 for a short period ranging up to 15 months.
Currently, the company employs around 1,200 people and has a user base of over 20 million.
