KreditBee, a digital lending platform, has announced the close of its Series-A funding round, raising $75 million. The funding round was led by existing investors, including Ribbit Capital, Apoletto Asia and Partners, and new investors such as Prosus Ventures and a large North American institution.
KreditBee, which is headquartered in Bangalore, India, offers short-term digital loans to its customers. The platform has been growing exponentially with more than 5.5 million customers and a loan book of more than $1 billion in just two years of operations.
The proceeds of the funding round will be used to expand KreditBee’s product portfolio, build infrastructure and invest in technology. KreditBee plans to use the funds to strengthen its balance sheet, increase its product lines and enhance customer experience.
The Indian fintech industry is one of the most dynamic markets in the world and KreditBee is one of the leading players in the sector. The company has been able to expand its business significantly over the last two years by leveraging its proprietary technology and data-driven decision making.
KreditBee was founded in 2016 by CEO Varun Deshpande and COO Abhishek Chandrashekhar. Since then, the company has grown to become one of the largest digital lenders in India. KreditBee has a network of more than 80,000 partner stores across India.
Kumar Sudarshan, Partner at Ribbit Capital, said, “KreditBee has emerged as a leader in the digital lending space in India. The team has built an impressive platform and business model that is driving significant growth and adoption. We are excited to continue to be part of the journey and support the team in the next phase of its growth.”
KreditBee has been able to expand its reach significantly in the last two years. The company has partnered with more than 80,000 stores across India, giving customers access to loans of up to Rs 1 lakh. The company also offers a range of other financial products such as credit cards, personal loans, and wealth management services.
KreditBee has also been making strategic investments in technology to strengthen its platform and enhance the customer experience. The company has built a highly advanced technology stack, with the help of cutting-edge AI and machine learning technologies, to offer faster and more accurate credit decisions.
The company also recently launched its own mobile app, which gives customers access to a range of financial products and services. The app provides users with personalized loan offers and helps them track their loan applications in real-time.
The $75 million Series-A funding round is a major milestone for KreditBee and a testament to the company’s growth and success. With the new funds, KreditBee will be able to expand its product lines and further strengthen its technology stack. The company is well-positioned to continue to be a leader in the Indian digital lending space.
Q1: What is KreditBee?
A1: KreditBee is a digital lending platform headquartered in Bangalore, India. It offers short-term digital loans to its customers.
Q2: Who led the Series-A funding round?
A2: The Series-A funding round was led by existing investors, including Ribbit Capital, Apoletto Asia and Partners, and new investors such as Prosus Ventures and a large North American institution.
Q3: How much money was raised in the Series-A funding round?
A3: The Series-A funding round raised $75 million.
Q4: What will the funds be used for?
A4: The funds will be used to expand KreditBee’s product portfolio, build infrastructure and invest in technology. KreditBee plans to use the funds to strengthen its balance sheet, increase its product lines and enhance customer experience.
Q5: What products does KreditBee offer?
A5: KreditBee offers short-term digital loans to its customers. It also offers a range of other financial products such as credit cards, personal loans, and wealth management services.