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The new cash infusion is part of the larger Series D funding, which KreditBee said has now closed at $200 million. The new funding, led by Advent International, values the Bengaluru-headquartered startup at about $680 million, according to a source familiar with the matter.

KreditBee, which also counts Mirae Asset Venture Investments, Premiji Invest and Mitsubishi UFJ Financial Group among its backers, offers instant micro loans starting as low as $12 to new-to-credit customers and credit of over $3,500 to salaried professionals. The company says its hope is to serve the 400 million new-to-credit customers in India.

Its new funding comes at a time when the deal flow activity has slowed down dramatically in India as investors grow cautious of writing new checks and evaluate their underwriting models after valuations of publicly listed firms take a tumble.

Fintech platform KreditBee has raised another $100m as a part of its ongoing Series D funding round from private equity firm Advent International, making it the first large primary funding round of 2023.

The platform facilitates personal loan disbursals of up to Rs 4 lakh to salaried individuals through its partner non-banking financial companies (NBFCs) including IIFL Finance, Northern Arc Capital, Vivriti Capital, Poonawala Fincorp, PayU Finance, Piramal Finance, among others.

The company also has its own in-house RBI-registered NBFC Krazybee Services, which also lends to customers on the platform. Besides personal loans, the company also offers checkout finance options and digital gold. Currently, the platform has six million loan customers of which two million are active customers.

Digital lending platform KreditBee has raised another $100 million in its Series D round from private equity firm Advent International. With this, the company has raised $180 million in the past two months.

Led by Madhusudan E, KreditBee is a platform facilitating 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%.

Started his professional career from an edtech startup, Harsh has more than four years of experience with the startup ecosystem. He loves to play with numbers, chase data-driven stories and coin new terms. Currently based in Gurugram, he can be reached at [email protected]

Bengaluru-based lendingtech startup KreditBee has secured $80 Mn as a part of its ongoing series D funding round from existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners and Mirae Asset Ventures. The round also saw participation from Mitsubishi UFJ Financial Group (MUFG) Bank.

KreditBee plans to use the funding to diversify its product portfolio to secured loans, home loans and credit lines and introduce services including insurance, credit score report and merchant-side offers, among others.

The personal loan market is expected to reach a size of $1 Tn by 2025. Within the personal loan segment in India, KreditBee competes with the likes of Navi, LoanTap, Capital Float, ZestMoney, IndiaLends, Paisabazaar and many more.

The additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. The company serves the credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (systemically important NBFC), along with partnerships with over 10 renowned financial institutions. The platform is on track to surpass an AUM of USD 1 billion over the next 6-9 months.

Avendus Group is a leading financial services firm with presence in the areas of Investment Banking, Institutional Equities, Wealth Management, Credit Solutions and Asset Management. Established in 1999 in Mumbai, India, Avendus is today present in 11 cities across India, US, UK and Singapore. Avendus partners with the Indian entrepreneur ecosystem to provide differentiated solutions that enable clients to meet their strategic aspirations.

The purchased gold can also be converted into physical coins or bars and stored in a vault. In case the customer requires their physical gold in person, they can request delivery of the same at their doorstep across the country. The quantity for delivery can be as low as 0.5 gm, secured by free transit insurance from SafeGold.

ADM Capital is pleased to announce the exit from its November 2019, USD20m secured debt financing to KreditBee, a Bangalore based fintech company, who used proceeds to facilitate the loan book expansion of its consumer lending business.

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KreditBee plans to use the funds to scale the existing business and diversify its product offering by venturing into digitally enabled financial products, the Bengaluru-based company said in a statement.

The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, cofounder and chief executive officer (CEO) of KreditBee.

The firm has also partnered with over 10 financial institutions to provide credit to borrowers. It claims that it is on track to clock assets under management (AUM) of $1 billion over the next six to nine months.

Over the past few years, digital lending in India has presented vast opportunities for Indian startups. Gagan Joshi, director at Advent International, calls it a fast-growing under-penetrated space. Only a handful of fintech (companies) like KreditBee have been able to crack profitably," he said.

According to the World Poverty Clock, India is experiencing a positive shift towards resolving many issues of domestic poverty: its economy is one of the fastest-growing in the world and approximately 18 people escape poverty every minute. Continued access to tools for financial inclusion will play an important part in maintaining that momentum.

KreditBee facilitates the loan transactions between the borrowers and the NBFCs/Banks. All loan applications are approved and sanctioned by NBFCs/Banks registered with RBI and communicated upfront during Loan application.

The Indian market has witnessed robust demand for credit, reflecting the nation's evolving fintech landscape. This surge in credit demand serves as a clear indicator of both the nation's economic strength and the ambitions of its individuals. NBFCs have had a strong presence in areas that were otherwise not serviced by banks.

The increase in internet penetration, a growing middle-class population, a tech-savvy customer base, the demographic advantage in India, government initiatives, and contributions from fintech companies have led to increased spending and demand for credit. Consequently, this has expanded the potential customer base seeking credit. Even today, credit card penetration in India remains in single digits, providing ample opportunities for NBFCs to tap into this market.

Fintech companies have revolutionized credit access in India by offering customized products, ease of borrower onboarding, and underwriting through digital infrastructure since they can access a wide range of borrower data from various regulated sources.

As for KreditBee, we are well-positioned to cater to this escalating demand. At KreditBee, we have developed a keen understanding of the Indian market and the evolving financial needs of our consumers. To accommodate this rising demand successfully, we are focused on several key areas, such as risk management, scalability, and regulatory compliance. A robust credit assessment process, prudent lending practices, and an agile response to market dynamics has been vital to sustain growth while safeguarding the interests of borrowers. Additionally, maintaining strong relationships with investors and securing adequate funding sources will be crucial in supporting this growth. 2351a5e196