Fintech startup KreditBee raises $70 mn from TPG arm, Motilal Oswal

KreditBee gives out an average credit of Rs 12,000 to self employed users and Rs 25,000 to salaried people

Fintech lending platform KreditBee’s holding entity, Finnov, has raised an additional $70 million in a follow-on Series C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. The conclusion of this round has led to an exit of most of the early-stage investors including Xiaomi, Shunwei and Kunlun Capital. The holding entity had very recently raised $75 million from marquee investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures. With this round, the Bengaluru-based startup has so far raised approximately $200 million. 

The fresh funds would be used to increase the equity base on the balance sheet