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India SME invests INR 60 Cr in KreditBee through Equity & Debt Funding

NBCF and digital lending startup KreditBee announced on Thursday that it has raised INR 60 Cr from India SME. The latest funding infusion is part of the Series C round that was initiated earlier this year and fetched nearly $145Mn or INR 1070 Cr for KreditBee.

India SME has invested INR 60 Cr through debt and equity instrument. However, the official press release did not shed light on the exact distribution of funds coming through equity & debt route.

It must be noted that India SME had invested Rs 28.4 Crores via debt instrument in KreditBee  in 2019.

KreditBee’s valuation could not be ascertained. The company has maintained silence over the valuation it has commended in Series C and Series C extended round.

Its Series C round was backed by the who’s who of the India’s investment world. This included marquee investors like Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures and Alpine Capital.

The startup is likely to use the Series C top-up funding for expanding its digital lending products. The platform is currently especially focused on consolidating its new products like BNPL (Buy-Now-Pay-Later) and Insurance, among others.

KreditBee is a standalone profitable company. The company was profitable during the last two financial years. It earned profit of Rs 98.45 crore in FY20 and Rs 44.35 crore in FY19 respectively. The sharp decline in its profit in FY20 clearly exhibited that its lending business was impacted by the pandemic lockdown.

About India SME

SIDBI backed India SME is a private equity fund that focuses on investing in early-growth companies. These companies are primarily based out of/operating in Tier 2/3 cities.

Some of its high profile investment includes Citykart (largest value-retailer in UP and Bihar), Kushal’s (India’s largest fashion jewellery brand) and snacking company Priniti.

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