Fintech KreditBee Secures $100 Million in Extended Series D Funding Round

Fintech platform KreditBee has raised another $100 million as a part of its ongoing Series D funding round from private equity firm Advent International.

In December, KreditBee raised $80 million from existing investors Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.

The new funds will be used for scaling KreditBee's existing business and diversifying its product offerings by venturing into digitally enabled financial products, the company said in a statement on January 6. The platform is on track to surpass assets under management (AUM) of $1 billion over the next six to nine months, the company said.

"The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, co-founder and CEO of KreditBee.

"We believe KreditBee's proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage," said Shweta Jalan, Managing Partner at Advent International.

KreditBee has raised close to $400 million till date. In its Series C round in March 2021, the company had raised $70 million from NewQuest Capital Partners and Motilal Oswal Private Equity.

Source: moneycontrol