SUMMARY
Other existing investors, including Mitsubishi UFJ Financial Group Bank, Motilal Oswal Alternates, and NewQuest Capital Partners, also participated in the funding round
With the additional funding, KreditBee has closed its Series D round at $209 Mn and is valued at around $700 Mn
The fundraise comes almost a year after KreditBee raised $100 Mn from Advent International in an extension of its Series D round
Bengaluru-based lendingtech startup kreditbee
has raised $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.
The startup’s board passed a resolution earlier this week to issue shares to raise the funding, as per its filing with the Ministry of Corporate Affairs.
A spokesperson of the startup confirmed the development and said the fundraise is part of its extended Series D round.
With the additional funding, KreditBee has closed its Series D round at $209 Mn and is valued at around $700 Mn.
The startup will utilise the fresh capital for business expansion.
The latest fundraise comes almost a year after it raised $100 Mn from Advent International in an extension of its Series D round. Prior to that, it raised around $120 Mn in Series D funding in late 2022.
Launched in 2016, KreditBee serves credit and other personal finance requirements through its non-banking financial company (NBFC) Krazybee Services Private Limited. Besides, it also has partnerships with over 10 financial institutions.
According to a report by YourStory, KreditBee cofounder and CEO Madhusudan Ekambaram recently said the startup is looking to go public and is one funding round away from launching its initial public offering (IPO).
Ekambaram said that KreditBee is also looking to offer gold loans and loans against property. Currently, the startup offers personal loans with an average ticket size of around INR 40,000 to INR 50,000, without any underlying guarantees.
KreditBee competes with the likes of Navi, PB Fintech, LoanTap, and Capital Float. It has raised around $400 Mn in funding till date.
