1 April 2024 – KreditBee, a prominent digital lending platform, has reinforced its Series D funding with an additional $9.4 million (approximately Rs 78.33 crore) from existing investors. This strategic move underscores the company’s commitment to expanding its operations and consolidating its position in the fintech sector.
The recent funding round saw participation from esteemed investors such as Premji Invest, Motilal Oswal Private Equity, and Mirae Asset, among others. The board of KreditBee authorized the issuance of 92,322 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 8,485.36 each, raising a total of Rs 78.33 crore, according to regulatory filings.
Wiseanya Ltd spearheaded the funding round with a contribution of Rs 40.91 crore, followed by Motilal Oswal PE and Mirae Asset with Rs 9.52 crore and Rs 1.15 crore, respectively. Other notable participants included Premji Invest, MUFG Bank Limited, and NewQuest Capital.
Founded by Madhusudan E, KreditBee acts as an intermediary between borrowers and NBFCs or banks, offering personal loans of up to Rs 4 lakh to young professionals at competitive interest rates. The company’s latest funding tranche arrives after a hiatus of 15 months, following its successful $180 million fundraising in the last quarter of FY22.
With over 12 million customers and a significant credit disbursement of Rs 54,000 crore, KreditBee has demonstrated remarkable growth and financial performance. In FY23, the company turned profitable, reporting a profit of Rs 64.33 crore, while its revenue surged to Rs 788.66 crore.
