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Bangalore based fintech startup KreditBee has raised $75 million in Series C of the primary and secondary round.
The round was led by Premji Invest in participation from other investors including Mirae Assets Naver Asia Growth, Alpine Capital, and Akram Ventures.
“The company plans to use the current round of fundraise to support its effort to fuel financial inclusion and drive credit uptake in the economy especially for the unserved and underserved segment of the population,” In a statement shared with TechGraph said.
Speaking on the development, Madhusudan Ekambaram, Co-Founder & CEO of KreditBee, said, “We started with a dream to help the unserved and underserved segment who have always found it difficult to enter the formal lending sector, either due to lengthy offline processes or traditional underwriting methods.”
“With a larger portfolio of loan products, our objective is to provide credit to over 180 Million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that,” he added.
KreditBree has previously raised over USD 43 Million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Commenting on the investment, Atul Gupta, Partner at Premji Invest said, “We are impressed by the vision of KreditBee to formalize the path towards credit enablement for new-to-credit customers, their skilled team and responsible tech-enabled underwriting, and are pleased to partner with them in their next stage of growth.”
“The large scale at which the platform can disburse loans to customers showcases not just the stability and strength of its tech stack, but also a very appropriate credit scoring of customers using alternative data points, which forms a key for new-to-credit customers.” Ashish Dave, CEO at Mirae Asset Venture Investments (India) added.