KreditBee raises $80 million in Series D from Premji Invest, others

The fintech firm aims to cross an AUM of over $1 billion in the next 6-9 months

Fintech start-up KreditBee has raised $80 million in series D funding from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. The round also saw participation from MUFG Bank, one of the world's largest financial institutions.

The funds will be used to diversify KreditBee’s product portfolio and strengthen its tech stack to serve over 400 million middle India population on its platform.

The company offers 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 financial institutions. The platform is well positioned to cross an AUM  (assets under management) of over $1 billion over the next 6-9 months.

The firm claims to have six million loan customers currently, of which over two million are active.

Madhusudan E, co-founder and CEO, KreditBee, said, “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expand our set of solutions to serve our growing consumer base.”

“We’re confident of KreditBee further consolidating its market leadership position in the coming times,” said Atul Gupta, Partner at Premji Invest.

“KreditBee is run on the ethos of enabling underserved customers an easy access to financial products through tech-enabled underwriting. We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers,” Shashank Joshi, Deputy CEO and Head Global Corporate Banking, MUFG India.

Further, Vinit Mehta, Director and Head of BFSI at MO Alternate Investment Advisors said, “We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and profitable lending fintech. The company is solving the credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform.”