Instant Personal Loan Platform KreditBee raises INR 60 crore from India SME Investments
KreditBee announced that it has raised Rs 60 crore (approximately $8 million) in equity and debt from SIDBI's investment arm, India SME Investments.
The funding is part of the startup's Series C round, in which it raised about $145 million earlier this year from investors including Premji Invest, Mirae Asset Ventures, TPG-backed NewQuest Capital Partners, and Motilal Oswal Private Equity.
In September 2019, India SME invested Rs 28.4 crore as debt in Krazybee Services, the holding company of KreditBee.
KreditBee is an Instant Personal Loan Platform for Young Professionals, where they can get Loans up to 2 Lakhs based on their needs. The process is entirely online, and the funds are transferred directly into the users' bank accounts within 15 minutes.
KreditBee specialises in providing personal loans to blue-collar workers and the self-employed through its digital platform. The company intends to diversify its lending portfolio by offering financial services such as BNPL (Buy-Now-Pay-Later) and insurance, among others.
India SME Investments, which is backed by the Small Industries Development Bank of India (SIDBI), focuses on early-growth companies primarily based in Tier 2/3 cities and targeting the lower and middle-income segments. Its other investments include Citykart, a value retailer, and Kushal's, a jewellery brand, as well as Priniti Foods, a snacking company.
KreditBee is a non-banking financial company that was founded in May 2018. (NBFC). It competes with startups such as MoneyTap, EarlySalary, and Navi, founded by Flipkart co-founder Sachin Bansal.
The platform is a brand of Finnovation Tech Solutions Pvt Ltd, which has received funding from key venture capital and investment firms such as ICICI Bank, Alpine Ventures, and Arkam Ventures, among others. It also has debt partners such as AU Small Finance Bank, HSBC, Fullerton, and IIFL.
In previous rounds, the company raised $8 million in 2017 from Shunwei and Xiaomi. In its Series B round, it also received $43 million in equity from ICICI Bank and Arkam Ventures.
According to the company, it has over 1,200 employees and a user base of over 20 million. It now intends to target over 180 million new-to-credit customers in India.
The funding is part of the startup's Series C round, in which it raised about $145 million earlier this year from investors including Premji Invest, Mirae Asset Ventures, TPG-backed NewQuest Capital Partners, and Motilal Oswal Private Equity.
In September 2019, India SME invested Rs 28.4 crore as debt in Krazybee Services, the holding company of KreditBee.
KreditBee is an Instant Personal Loan Platform for Young Professionals, where they can get Loans up to 2 Lakhs based on their needs. The process is entirely online, and the funds are transferred directly into the users' bank accounts within 15 minutes.
KreditBee specialises in providing personal loans to blue-collar workers and the self-employed through its digital platform. The company intends to diversify its lending portfolio by offering financial services such as BNPL (Buy-Now-Pay-Later) and insurance, among others.
India SME Investments, which is backed by the Small Industries Development Bank of India (SIDBI), focuses on early-growth companies primarily based in Tier 2/3 cities and targeting the lower and middle-income segments. Its other investments include Citykart, a value retailer, and Kushal's, a jewellery brand, as well as Priniti Foods, a snacking company.
KreditBee is a non-banking financial company that was founded in May 2018. (NBFC). It competes with startups such as MoneyTap, EarlySalary, and Navi, founded by Flipkart co-founder Sachin Bansal.
The platform is a brand of Finnovation Tech Solutions Pvt Ltd, which has received funding from key venture capital and investment firms such as ICICI Bank, Alpine Ventures, and Arkam Ventures, among others. It also has debt partners such as AU Small Finance Bank, HSBC, Fullerton, and IIFL.
In previous rounds, the company raised $8 million in 2017 from Shunwei and Xiaomi. In its Series B round, it also received $43 million in equity from ICICI Bank and Arkam Ventures.
According to the company, it has over 1,200 employees and a user base of over 20 million. It now intends to target over 180 million new-to-credit customers in India.
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