KreditBee, a leading fintech firm specializing in digital lending, has recently secured an additional $9.4 million (Rs 78.33 crore) in funding through an extended Series D round. The investment, sourced from existing backers, including Premji Invest, Motilal Oswal Private Equity, and Mirae Asset, underscores continued confidence in the platform’s growth trajectory.
The funding, comprising the issuance of 92,322 Series D compulsory convertible preference shares (CCPS), marks KreditBee’s strategic move to bolster its operations and expand its market presence. Notably, Wiseanya Ltd spearheaded the round with a substantial infusion, accompanied by contributions from Motilal Oswal PE and Mirae Asset.
Founded by Madhusudan E, KreditBee facilitates loan transactions between borrowers and financial institutions. It offers personal loans of up to Rs 4 lakh to young professionals. With an interest rate of up to 2.49% and flexible repayment options spanning 2 to 15 months, the platform has garnered significant traction among its target demographic.
This latest funding injection comes on the heels of a successful financial year for KreditBee, which witnessed a return to profitability in FY23, posting a commendable Rs 64.33 crore in profit. Revenue from operations surged to Rs 788.66 crore, underscoring the platform’s robust performance and market positioning.
With a user base exceeding 7 million customers and credit disbursal totalling Rs 30,000 crore, KreditBee continues to solidify its position as a key player in the digital lending landscape. Notable competitors such as MoneyTap, EarlySalary, LazyPay, and Navi, led by Sachin Bansal, underscore the dynamic nature of the market and the importance of innovation and strategic investment in driving sustained growth and competitiveness.
