First Round News Hubb
Advertisement Banner
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact
No Result
View All Result
First Round News Hubb
No Result
View All Result
Home First Round News

The Capital Quest | Fintech venture KreditBee pulls in $80 mn as part of a larger Series D round

admin by admin
December 3, 2022
in First Round News


Fintech startup KreditBee said Friday it has secured $80 million (Rs 652 crore) as part of its ongoing Series D round from existing investors PremjiInvest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners and Mirae Asset Ventures with participation from Japan’s MUFG Bank.

The venture, co-founded by Madhusudan Ekambaram, Vivek Veda and Karthikeyan Krishnaswamy, will use the money to diversify its product portfolio and strengthen its tech stack enabling it to cater to more than 400 million users on its platform.

The startup is looking to expand its product portfolio by introducing financial services such as insurance, credit score report, and merchant-side offers. It is also aiming to cross an asset under management of more than $1 billion over the next 2-3 quarters.

The startup runs a tech platform which originates loans for its non-banking company company (NBFC) unit KrazyBee Services Pvt Ltd. The company offers unsecured personal loans to young professionals, with ticket size varying from Rs 3,000 to Rs 3 lakh with average tenure of around five months and average annual percentage rate of around 42%. Prior to FY19, the company offered loans to students with a tenure of up to two years.

The tech platform earns revenue by way of processing fees from borrowers, along with commission income from partner lenders, and gives first loss default guarantee (FLDG) of 5-10% to partner vendors.

Since inception, the group had raised equity of Rs 630.94 crore in primary infusion and an additional over Rs 700 crore in secondary share sale. With the latest infusion, this has got pushed up.

Related



Source link

Previous Post

Searchspring Honors Its Outstanding Ecommerce Partners

Next Post

Airbnb rival from France: Le Collectionist lands €60M to fuel global expansion

Next Post

Airbnb rival from France: Le Collectionist lands €60M to fuel global expansion

Recommended

Rumble Launches a New Interface for Desktop and Mobile Web

3 weeks ago

The Capital Quest | Silver Lake, IHC come aboard as anchor investors in Bayanat IPO

3 months ago

Jenson Funding Partners launches £60M Net Zero-focused fund to invest in 60 early-stage UK tech startups

2 months ago

Accelerating Digital Transformation: Simple Solutions for Problems

2 months ago

The Capital Quest | Amethis elevates MENA fund leads as partners, bumps up two as senior partners

4 months ago

The Capital Quest | Former TA exec’s new PE firm Jashvik hits first close for $350 mn fund

3 months ago

first-round-white

© 2022 First Round News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • First Round News
  • Funding News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • First Round News
  • Funding News
  • Contact

© 2022 First Round News Hubb All rights reserved.