VC Fund Investments
Lender to blue-collar workers KreditBee raises Rs.60-Cr from SIDBI's India SME Investments
Mumbai-based KreditBee has raised INR 60 crore (about USD 8 million) in equity and debt from SIDBI's investment arm, India SME Investments. The funding is continuation of the company's Series C round which has seen KreditBee's parent firm Finnov raise about USD 145 million from Premji Invest, Mirae Asset Ventures, NewQuest Capital Partners, Motilal Oswal Private Equity and others, earlier in the year. Finnov, registered in March 2016, operates NBFC KrazyBee and launched KreditBee in May 2018 to focus on digital lending for young professionals. KreditBee currently specialises in offering personal loans through its digital platform to blue-collar workers and the self-employed. It is looking to expand its lending portfolio by introducing financial services like BNPL (Buy-Now-Pay-Later) and insurance. In its previous rounds, the company raised USD 8 million from Shunwei and Xiaomi, in 2017. It also raised USD 43 million in equity from ICICI Bank and Arkam Ventures in its Series B round.
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