Digital lending platform KreditBee has initiated its Series D round with $20 million led by Premji Invest. This is the first round of investment for the Bengaluru-based company in 2022.
The board at KreditBee has passed a special resolution to issue 1,94,804 Series D preference shares at an issue price of Rs 8485.36 per share to raise Rs 165 crore or $20 million, regulatory filing filed with the registrar of companies shows.
Premji Invest Opportunities led the round with Rs 59 crore or $7.2 million while India Business Excellence Fund pumped in Rs 47 crore or $5.8 million. NewQuest Asia, Mirae Assets, and MUFG bank collectively participated with Rs 59 crore or $7.28 Mn in the round.
Following the proceeds, Premji Invest will hold 5.09% of the stake while IBEF, NewQuest Asia, Mirae Asset and MuFC bank will command 4.10%, 1.72%, 1.51%, and 1.86% of the capital in the company.
Led by Madhusudan E, KreditBee is a platform facilitating loan transactions between borrowers and NBFCs or banks. The company provides personal loans to young professionals in the range of Rs 10,000 to Rs 200,000 for a tenure of 2 to 15 months and at an interest rate of up to 2.49%.
The company, which has more than 6 million customers, also plans to diversify its product offering by introducing financial services like insurance, credit score report, and merchant-side offers, among others.
Before this, KreditBee closed its $145 million Series C round in March 2021. The company also said that it provided a complete exit to Chinese investors Xiaomi and Shunwei Capital during the last round. Xiaomi and Shunwei had invested around $8 million in KreditBee’s Series A round in 2017.
MoneyTap, EarlySalary, LazyPay, and Sachin Bansal’s Navi are some of the competitors of KreditBee.
Source @Entrackr
