India-based lending mobile app KreditBee bags $80m

India-based lending mobile app KreditBee bags $80m

India-based lending mobile app KreditBee has reportedly collected $80m as part of an ongoing Series D funding round.

The capital injection was backed by existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures, according to a report from Freshers Live. MUFG also joined the round.

With the funds, KreditBee plans to diversify its product portfolio and bolster its technology to better serve clients. The FinTech company is looking to enter new verticals, with plans to launch digitally enabled secured loans, home loans and credit lines.

KreditBee aims to surpass $1bn in assets under management over the next six to nine months. The lending mobile app currently has six million customers.

Launched in 2018, the company is focused on full-stack digital lending for young professionals. Its products include personal loans for self-employed, instant personal loans, personal loans for salaried individuals and online purchasing loans.

Speaking on the funding round, Premji Invest partner Atul Gupta said, “The KreditBee growth journey since inception has been remarkable, and it has spearheaded many innovations in the consumer lending space.”

The company previously raised $70m for its Series C round in 2021. The investment was backed by TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. Additional investors included Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures and others.

Another Indian FinTech company to recently raise funds was money management app Galgal. The company raised $1m in seed funding from unnamed angel investors.

The company describes itself as the ‘feel-good’ banking app. Its mobile app, which is available on Android and iOS, enables users to better manage their savings, budgeting and other money management needs.

AI-powered lending services provider Lentra recently reached a $400m valuation following the close of its Series B on $60m.

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