Marquee investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures and Alpine Capital have participated in the startup’s ongoing Series C, this year.
SIDBI-backed India SME Investments had earlier invested ₹ 28.4 crores in September 2019 as debt in Krazybee Services Private Limited, which is a part of the holding company of KreditBee.
Finnov, registered in March 2016, holds Krazybee Services Private Limited, a systemically important non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India (RBI). The group launched KreditBee in May 2018, focused on full-stack digital lending for young professionals.
At present, KreditBee’s digital lending platform provides personal and consumer durable loans, for tenures up to 15 months to young professionals.
Through the fundraise, the platform looks to expand its lending portfolio by introducing financial services like Buy-Now-Pay-Later ( BNPL) and insurance for its user base. KreditBee is also looking to offer secured lending products on its platform.
The platform also plans to diversify its product offering by venturing into digitally enabled home loans and credit lines.
In a statement, India SME said KreditBee team has deep rooted understanding of the fintech space and has scaled its business by more than 5-times on the back of seasoned credit analytics, optimal control on customer acquisition cost and prudent product selection.
KreditBee currently claims to have acquired over five million unique credit customers.
Prior to its Series C, KreditBee’s holding entity had raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
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