India SME Investments has recently expanded its portfolio in the BFSI segment by infusing a capital of Rs 60 crore into the holding entity of fintech lending startup KreditBee.
The investment comes in the form of both equity and debt. This round is a follow-up tranche of investment from India SME after having invested Rs 28.4 crore in September 2019 as debt in Krazybee Services Private Limited, the RBI-backed NBFC-ND-SI which is a part of the holding company of KreditBee.
The investment news comes as a follow-up of a recent round raised by the holding group entity of KreditBee from marquee investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures, and Alpine Capital in February 2021.
KreditBee Co-founder and CEO Madhusudan E
Bengaluru-based KreditBee, founded in May 2018, is a fintech lending platform focused on providing financial inclusion in India via digital lending solutions in the form of personal loans. The platform looks to expand its lending portfolio by introducing financial services like BNPL (buy-now-pay-later) and insurance, among others.
KreditBee currently has a user base of more than 20 million, of whom four million have availed some loan product from the company. The startup is now looking to diversify its credit products line and offer digital secured loans and home loans.
With more than 1,200 employees, the company now plans to target India’s over 180 million new-to-credit customers.
SIDBI-backed India SME Investments focuses on investing in early-growth companies, primarily based out of/operating in Tier II/III cities, targeting the lower/middle-class segment and benefiting from changing consumer preferences. Its other investments include Citykart (largest value-retailer in UP and Bihar), Kushal’s (a fashion jewellery brand), and snacking company Priniti.
India SME has been associated with KreditBee for more than 24 months, and believes that the team has deep rooted understanding of the fintech space, wherein it has scaled its business by more than 5x on the back of seasoned credit analytics, optimal control on CAC, and prudent product selection.
Edited by Teja Lele Desai
Link : https://yourstory.com/2021/06/funding-alert-fintech-lending-startup-kreditbee-sidbi-india-sme
Author :- Sujata Sangwan ( )
June 03, 2021 at 11:51AM
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