Fintech startup KreditBee’s holding entity Finnov has secured an additional $70 Mn in an extended series C round. With the fresh capital infusion, the company has officially concluded its Series C round. The latest capital infusion was spearheaded by TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity.
The follow up Series C round also had a secondary component, giving exit to many early-stage investors. However, names of the early-stage investors have not been revealed. It must be noted that KreditBee had included secondary component in the $75Mn funding round that took place barely a month ago. At that time the company had given exit to its Chinese investors.
The company said that it will use the latest funding to ramp up its lending portfolio beyond personal loans into other lending products, value-added services, deeper channel integrations and partnerships. The startup is planning to foray into secured lending products and auxiliary products & services like insurance and cards.
Commenting on the latest funding infusion, Madhusudan E, Co-Founder & CEO of KreditBee’s holding group entity said “A complex demography like India requires simple, effective and impactful lending solutions, that comes with a deeper understanding of the consumer financing needs of the ecosystem. We are happy to onboard investment partners with us who share the same vision as we do as to how personal finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button”
Amit Gupta, Founding Partner at NewQuest Capital Partners said “We are excited to become a shareholder of Finnov at this juncture and to support its next stage of development in offering innovative lending solutions to the dynamic India” while Vishal Tulsyan, CEO and MD at Motilal Oswal Private Equity remarked, “We are keen on businesses that are scalable and yet built on sound unit economics, and KreditBee ticked all the boxes. With the sustained focus and momentum.”
Founded in 2018, KreditBee is a full-stack digital platform that is completely dedicated to fulfilling the credit needs of young professionals. The company lends loans from INR 1000 to INR 200,000.