KreditBee Raises $20 Mn in Series D round led by private equity and venture capital firm Premji Invest
- ByStartupStory | December 2, 2022
Digital lending platform KreditBee has initiated its Series D round with $20 million led by Premji Invest. This is the first round of investment for the Bengaluru-based company in 2022. The board at KreditBee has passed a special resolution to issue 1,94,804 Series D preference shares at an issue price of Rs 8485.36 per share to raise Rs 165 crore or $20 million, regulatory filing filed with the registrar of companies shows.
Premji Invest Opportunities led the round with Rs 59 crore or $7.2 million while India Business Excellence Fund pumped in Rs 47 crore or $5.8 million. NewQuest Asia, Mirae Assets, and MUFG bank collectively participated with Rs 59 crore or $7.28 Mn in the round. Following the proceeds, Premji Invest will hold 5.09% of the stake while IBEF, NewQuest Asia, Mirae Asset and MuFC bank will command 4.10%, 1.72%, 1.51%, and 1.86% of the capital in the company.
Led by Madhusudan E, KreditBee is a platform facilitating loan transactions between borrowers and NBFCs or banks. The company provides personal loans to young professionals in the range of Rs 10,000 to Rs 200,000 for a tenure of 2 to 15 months and at an interest rate of up to 2.49%. The company, which has more than 6 million customers, also plans to diversify its product offering by introducing financial services like insurance, credit score report, and merchant-side offers, among others. Before this, KreditBee closed its $145 million Series C round in March 2021. The company also said that it provided a complete exit to Chinese investors Xiaomi and Shunwei Capital during the last round. Xiaomi and Shunwei invested around $8 million in KreditBee’s Series A round in 2017. KreditBee’s competitors are MoneyTap, EarlySalary, LazyPay, and Sachin Bansal’s Navi.
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