Bangalore, India-based FinTech lender Kreditbee banked $70m in a follow-on Series C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity.
Additional investors in the round included marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures, leading to the exit of most of the early-stage investors, the firm said.
The new cash injection is to be used for developing new lending products and an offline-online lending capability to bridge the consumer financing needs of the rural markets.
Additionally, the firm plans to scale up its lending portfolio beyond personal loans into other lending products, value-added services, deeper channel integrations and partnerships. Solutions under evaluation include secured lending products, as well as the democratisation of other auxiliary products and services around loans such as insurance and cards.
Launched in May 2018, Kreditbee is focused on full-stack digital lending for young professionals and has since then acquired over five million customers and a registered user base of over 25 million, it claimed.
Last month, KreditBee raised $75m in its Series C round from PremjiInvest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures.
Commenting on the importance of a lending service in the rural areas of India, co-founder and CEO of KreditBee’s holding group entity, Madhusudan E said, “A complex demography like India requires simple, effective and impactful lending solutions, that comes with a deeper understanding of the consumer financing needs of the ecosystem… [Personal] finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button.”
Echoing a similar sentiment, founding partner at NewQuest Capital Partners, Amit Gupta added, “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.”
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