KreditBee raises Additional $70 Million from TPG-backed NewQuest & Motilal Oswal Private Equity
Fintech lending startup KreditBee’s holding company Finnov has raised $70 million (Rs 507 crore) in the second part of the Series C funding round led by new investors TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. This funding is a follow-up on funding round from the one in February when Finnov raised $75 million from AzimPremji's Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures.
With this funding round the total valuation of the company has increased to $145 million making it one of the largest funding rounds for an India lending startup since the onset of the Covid-19 pandemic.
Kredit Bee is an Instant Personal Loan platform for self-employed and salaried professionals, where one can apply for a personal loan starting from Rs 1,000 up to Rs 2 lakhs. The fresh funds will be deployed towards expanding the lending portfolio to different products and developing an offline-online lending capability to bridge the consumer financing needs of Bharat.
“A complex demography like India requires simple, effective, and impactful lending solutions that come with a deeper understanding of the consumer financing needs of the ecosystem. We are happy to onboard investment partners with us who share the same vision as we do as to how personal finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button”, added Madhusudan E, Co-Founder & CEO of KreditBee’s holding group entity.
Early-stage investors like Xiaomi Corp, Shunwei Capital, and Kunlun together held a 40 percent stake in Kredit Bee before the round. In its previous rounds, the company raised $8 million from Shunwei and Xiaomi in 2017. It also raised $43 million in equity from ICICI Bank and Arkam Ventures in its Series B round.
“The requirements of the average value-seeking middle class Indian can only be met by a multitude of lending products. One size doesn’t fit all. We are excited to become a shareholder of Finnov at this juncture,” says, Amit Gupta, Founding Partner, NewQuest Capital Partners.
The three-year-old company claims to have a registered user base of over 25 million and now it uses the fresh capital to scale up its lending portfolio to different products and develop an offline-online lending capability to bridge the financing needs of India.
Finnov, registered in March 2016 is a holding group entity of Kreditbee's KrazyBee Services Private Limites which is a Non-Banking Financial Company (NBFC).
The move comes at a time when several Indian-regulated short-tenure loan apps that were backed up by Chinese investors were recently taken down by Google from its Play Store on the direction of the Ministry of Information and Broadcasting and the Reserve Bank of India DUR TO border standoff between India and China.
With this funding round the total valuation of the company has increased to $145 million making it one of the largest funding rounds for an India lending startup since the onset of the Covid-19 pandemic.
Kredit Bee is an Instant Personal Loan platform for self-employed and salaried professionals, where one can apply for a personal loan starting from Rs 1,000 up to Rs 2 lakhs. The fresh funds will be deployed towards expanding the lending portfolio to different products and developing an offline-online lending capability to bridge the consumer financing needs of Bharat.
“A complex demography like India requires simple, effective, and impactful lending solutions that come with a deeper understanding of the consumer financing needs of the ecosystem. We are happy to onboard investment partners with us who share the same vision as we do as to how personal finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button”, added Madhusudan E, Co-Founder & CEO of KreditBee’s holding group entity.
Early-stage investors like Xiaomi Corp, Shunwei Capital, and Kunlun together held a 40 percent stake in Kredit Bee before the round. In its previous rounds, the company raised $8 million from Shunwei and Xiaomi in 2017. It also raised $43 million in equity from ICICI Bank and Arkam Ventures in its Series B round.
“The requirements of the average value-seeking middle class Indian can only be met by a multitude of lending products. One size doesn’t fit all. We are excited to become a shareholder of Finnov at this juncture,” says, Amit Gupta, Founding Partner, NewQuest Capital Partners.
The three-year-old company claims to have a registered user base of over 25 million and now it uses the fresh capital to scale up its lending portfolio to different products and develop an offline-online lending capability to bridge the financing needs of India.
Finnov, registered in March 2016 is a holding group entity of Kreditbee's KrazyBee Services Private Limites which is a Non-Banking Financial Company (NBFC).
The move comes at a time when several Indian-regulated short-tenure loan apps that were backed up by Chinese investors were recently taken down by Google from its Play Store on the direction of the Ministry of Information and Broadcasting and the Reserve Bank of India DUR TO border standoff between India and China.
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