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India’s Lending Platform Kreditbee Raises $70 Million

India’s Lending Platform Kreditbee Raises $70 Million

Kreditbee
Fintech startup KreditBee has raised $70 million through its holding company, led by TPG, backed by NewQuest Capital Partners. The deal is the largest private equity investment in India since one in February when Finnov raised more than $75 million. FintTech lender KreditBee has raised 70 million rupees (507 million rupees) in a funding round through its holding companies, led by Newsquest Capital partners, backed by TPG and the global financial services giant’s venture capital arm.

This will bring the total round of financing by KreditBee to $145 million, which is the second-largest private equity investment in India after Finnov’s $75 million. KreditBee plans to grow tenfold by the end of fiscal year 21, reaching a total of Rs 1.5 billion in credit capacity, according to its latest quarterly report. This means that KCreditBee’s “financing round” will total $65 million, making it one of India’s largest private investment rounds in the past two years.

With continued focus and momentum, we see our platform becoming an established fintech lending solution in the Asian market, “said Managing Director Vishal Tulsyan. We are pleased to be a shareholder in Finnov and to support them in providing innovative lending solutions for the dynamic Indian market, “said KreditBee co-founder and founding partner Vijay Bhattacharya. With a continuously focused and dynamic focus, I see my platform as a key pillar of the financial services industry in India and as the main focus of our business in Asia.

In addition, Finwego raised $1.7 million from SAIF Partners, a group of HNIs and angels, and $43 million was raised by ICICI Bank and Arkam Ventures in a Series B round. Prior to its Series C fundraiser, Finnovation had raised more than $2.5 million in equity from a number of investors, including ArkAM and ICici Bank. In addition, K-Bee co-founder Vijay Bhattacharya and his team raised an additional $44 million in equity and $42 million in debt and equity in the Series A round, as well as $43 million in equity raised in fairness by ICISB, ICIMA Bank, Arkam is Ventures and other investors in the Series D round that year.

Kreditbee

KreditBee could receive up to $145 million during the entire round of financing, making it one of the largest private equity investments in the company’s history. Tiger Global is expected to invest $60 million, with the rest coming from existing investors, including Paypal co-founder and CEO Peter Thiel and Sequoia Capital, as well as some new investors. The fresh funds would be used to increase the equity base on both companies “balance sheets and to leverage by increasing their loan books and exploring financing options – secured investment funds on a pilot basis, a statement said.

India’s complex demographics require us to find simple, effective, and effective solutions to lending, “he said. Shiv said that teachers have difficulty getting credit, which is why Finwego provides personal loans starting at Rs 20,000 and going up to 2 lakh. The value – to seek out India’s middle class – can only be met through a variety of credit products, said KreditBee co-founder and chief executive, Rakesh Bhattacharya. A large number of lenders, including banks, credit card companies, insurance companies, and private equity firms, can only meet the needs of the middle class and their customers with the right products and services, not with a variety of products in one product category, says Vijay Bhatnagar, founder of FinWego Capital, a fintech venture capital firm.

Indian middle class with secure credit products such as credit cards, insurance, and secured credit products for teachers and students, as well as private equity firms and banks.

KreditBee has operations in Karnataka, Tamil Nadu, and Pondicherry and is expanding its loan portfolio every month. The move comes at a time when allegations of alleged abuses in India’s financial services sector by some of the country’s biggest banks have led to a crackdown on money-lending programs backed by Chinese investors. Chinese investor-supported money lending app Reddit, following a series of allegations against it by the Indian Securities and Exchange Board of India (IBSI). The moves follow a series of scandals in India’s financial services sector, where alleged misconduct by a number of major banks and other financial institutions has led to investigations.

The transfer comes at a time when allegations of alleged misconduct by some of the country’s biggest banks and other financial institutions have led to a crackdown on cash – lending apps backed by China. Lending schemes such as Lending Bee were given a boost after the RBI decided to crack down after borrowers complained of harassment and worse.

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