Fintech KreditBee announced that it had raised $80 million as part of its Series D funding round from investors including MUFG Bank, a new investor, Premji Invest, Motilal Oswal Alternates, NewQuest Capital, which TPG backs, and Mirae Asset Ventures.
The company announced that it would upgrade its tech stack and diversify its product offering with fresh capital.
According to filings with the Registrar of Companies (RoC), the parent company of KreditBee, Finnovation Tech Solutions, recorded a loss of Rs 84.9 crore in FY22, up from Rs 78.2 crore the year before as expenses nearly doubled. Over the same period, its revenue increased 2.7X to Rs 445.4 crore.
“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today,” said Madhusudan E, Co-founder and CEO of KreditBee, in a press statement.
KreditBee, a fintech lending platform with headquarters in Bengaluru and founded in May 2018, offers loans to professionals as well as check-out finance to consumers.
The startup stated that it plans to offer financial services like insurance, credit score reports, and merchant solutions, along with secured loans, house loans, and credit lines that are digitally connected.
