Fintech Startup KreditBee Locks a deal worth $9.4million in Series D Funding Round
Digital lending platform KreditBee has recently raised $9.4million or Rs. 78.33 crore from their existing investors namely, Premji Invest, Motilal Oswal Private Equity, and Mirae Asset among others in an extended Series D round. The managerial board of this startup passed a resolution earlier this week to issue shares to raise the funding, as per its filing with the Ministry of Corporate Affairs.
With this additional funding, KreditBee has closed its Series D round at $209million and is valued at around $700 million. According to the regulatory filing sourced from the Registrar of Companies, in the special resolution the company issued 92,322 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs. 8,485.36 each to raise Rs. 78.33 crore.
Wiseanya Ltd participated in the round with an infusion of Rs. 40.91 crore while Motilal Oswal PE and Mirae Asset pumped in Rs. 9.52 crore and Rs. 1.15 crore, respectively. Premji Invest, MUFG Bank Limited, and NewQuest Capital also joined the round and invested the rest amount.
The digital lending platform KreditBee was established by Madhusudan E which is offering loan transactions between borrowers and NBFCs or banks. The company provides personal loans up to Rs. 4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49%.
This new phase of funding came to the company after a gap of 15 months. It has raised $180 million across two tranches in the last quarter of FY22.
TheKredible,depicts that, Premji Invest is the largest external stakeholder with 23.44% followed by Newquest Asia and Alpine Capital.
Notable competitors of KreditBee are Navi, PB Fintech, LoanTap, and Capital Float. The company has more than 7million customers and they have given worth Rs. 30,000 crore as loans. KreditBee turned into the black in FY23 to post Rs. 64.33 crore profit. At the same time, its revenue from operations grew to Rs. 788.66 crore during the last fiscal year.
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With this additional funding, KreditBee has closed its Series D round at $209million and is valued at around $700 million. According to the regulatory filing sourced from the Registrar of Companies, in the special resolution the company issued 92,322 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs. 8,485.36 each to raise Rs. 78.33 crore.
Wiseanya Ltd participated in the round with an infusion of Rs. 40.91 crore while Motilal Oswal PE and Mirae Asset pumped in Rs. 9.52 crore and Rs. 1.15 crore, respectively. Premji Invest, MUFG Bank Limited, and NewQuest Capital also joined the round and invested the rest amount.
The digital lending platform KreditBee was established by Madhusudan E which is offering loan transactions between borrowers and NBFCs or banks. The company provides personal loans up to Rs. 4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49%.
This new phase of funding came to the company after a gap of 15 months. It has raised $180 million across two tranches in the last quarter of FY22.
TheKredible,depicts that, Premji Invest is the largest external stakeholder with 23.44% followed by Newquest Asia and Alpine Capital.
Notable competitors of KreditBee are Navi, PB Fintech, LoanTap, and Capital Float. The company has more than 7million customers and they have given worth Rs. 30,000 crore as loans. KreditBee turned into the black in FY23 to post Rs. 64.33 crore profit. At the same time, its revenue from operations grew to Rs. 788.66 crore during the last fiscal year.
