KreditBee Raises $70 Mn From NewQuest And Motilal Oswal Private Equity
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Bengaluru-based fintech lending platform KreditBee’s holding entity, Finnov announced on Monday to have 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. The holding entity had very recently raised $75 million from investors Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures.
“A complex demography like India requires simple, effective, and impactful lending solutions that come 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,” said Madhusudan Ekambaram, co-founder and chief executive officer, KreditBee.
With the new capital influx, the entity looks to scale up its lending portfolio beyond personal loans into other lending products, value-added services, deeper channel integrations, and partnerships. Solutions under evaluation include secured lending products, as well as the democratization of other auxiliary products and services around loans, like insurance and cards, the company shared.
“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,” commented Amit Gupta, founding partner, NewQuest Capital Partners.
Registered in March 2016, Finnov also holds a non-banking financial company (NBFC-ND-SI) Krazybee Services Private Limited, registered with the Reserve Bank of India (RBI).
“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,” remarked Vishal Tulsyan, chief executive officer and managing director, Motilal Oswal Private Equity.
The platform has acquired over five million unique credit customers and currently has a registered user base of over 25 million.