KB NBFC raised the debt funding from Yubi, Dzerv, Neo Group, OfBusiness, and Oxyzo, among others.
While KB NBFC is one of the lending partners of KreditBee, the lending tech startup also has partnerships with the likes of Incred Finance, Vivriti Capital, Northern Arc, and Pay U Finance
Earlier this year, KreditBee raised $9.4 Mn in its extended Series D round from existing investors, including Advent International, MUFG Bank, and Premji Invest
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
KB NBFC, the non-banking financial company subsidiary of lending tech startup KreditBee, secured INR 268 Cr (about $32 Mn) debt funding from Yubi, Dzerv, Neo Group, OfBusiness, and Oxyzo, among others between April and June, the company’s regulatory filings revealed.
The company received the latest tranche of INR 100 Cr last week from Dzerv and Neo Group after allotment of debentures.
The funding is likely to be used for working capital needs and to expand the business.
KreditBee declined to comment on Inc42’s queries on the fundraise.
It is pertinent to note that KB NBFC is one of the lending partners of KreditBee. Besides KB NBFC, KreditBee also has partnerships with Incred Finance, Vivriti Capital, Northern Arc, Pay U Finance, among others.
The fresh development comes a little over two months after Inc42 exclusively reported about KreditBee raising $9.4 Mn from existing investors, including Advent International, Mitsubishi UFJ Financial Group (MUFG) Bank, Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Ventures.
Back then, a spokesperson of the startup confirmed the development and said the fundraise was part of its extended Series D round.
With the additional funding, KreditBee closed its Series D round at $209 Mn and was valued at around $700 Mn.
To date, KreditBee has raised around $400 Mn in funding across multiple rounds and counts the likes of Arkam Ventures, TPG Growth, and Mirae Asset Ventures among its backers.
Launched in 2018 by Madhusudan Ekambaram, Karthikeyan Krishnaswamy, and Vivek Veda, KreditBee serves credit and other personal finance requirements and claims to have a user base of over 30 Mn individuals, predominantly young professionals. This includes both salaried employees and self-employed individuals.
The startup claims it has more than 11 Cr registered customers and over 1.2 Cr unique loan customers.
KreditBee competes with the likes of Navi, PB Fintech, LoanTap, and Capital Float. With an eye on going public, KreditBee is said to be looking to reverse flip to India.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.