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Bengaluru-based lending Platform KreditBee has raised $70 million in a follow-on series C round from TPG backed NewQuest Capital Partners and Motilal Oswal Private Equity.
“The funds will be deployed towards expanding the lending portfolio to different products, and developing an offline-online lending capability to bridge the consumer financing needs,” the statement added.
Earlier in February, KreditBee raised $75 Million from marquee investors Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures.
“With this fresh funding, KreditBee’s early-stage investor Shunwei Capital, including Xiaomi make a complete exit for the board,” the statement said.
Speaking on the fundraise, Madhusudan E, Co-Founder & CEO of KreditBee’s holding group entity, 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. We are happy to onboard investment partners with us who share the same vision as we do as to how personal finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button.”
Commenting on the investment, Amit Gupta, Founding Partner at NewQuest Capital Partners, said, “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. We are excited to become a shareholder of Finnov at this juncture and to support its next stage of development in offering innovative lending solutions to the dynamic India market.”
“We are keen on businesses that are scalable and yet built on sound unit economics, and KreditBee ticked all the boxes. With the sustained focus and momentum, we see the platform becoming a mainstream Fintech Lending solution in the Asian market,” Vishal Tulsyan, CEO and MD at Motilal Oswal Private Equity added.