Chhavideep Singh
Source: India Review
KreditBee is a Bengaluru-based Instant personal loan platform that targets young professionals. The financial technology start-up has recently announced to have raised USD 75 million in its latest Series C financing round led by Premji Invest- the family office of Wipro chairman Azim Premji, Arkam Ventures (previously known as Unitary Helion), Alpine Capital Advisors.
KreditBee is a personal loan platform that enables young professionals to take seamlessly easy loans through a simple process. Users can apply for salary advances for up to INR 1 lakh as per their requirement as a loan. The company mentions on its website that the application process is minimal and done online. On approval of the user’s application, the loan cash amount is immediately transferred to the customer’s bank account. That is all.
When asked about the latest infusion of funds, the company mentioned utilizing these funds to expand its product loan offerings and strengthen its financial technology structure. Furthermore, the lending facilities provided by KreditBee will help in providing loan to over 180 million new users who have a history of accessing formal credit products, as mentioned in a report by YourStory.
Wipro’s Azim Premji has recently been an active investor in the financial technology segment of the market and with its investment in the Bengaluru-based lending business, it shows its faith in the product. According to the company timeline, home office of Azim Premji is also bought stakes in companies such as Aditya Birla Capital and Shubham Housing Finance.
Based on the company profile on Crunchbase, KreditBee is known to have more than 20 million monthly active users out of which a fair percentage has availed at least one of the company’s loan products. As mentioned in a report by YourStory, the Bengaluru based lending start-up is also looking forward to diversifying its operations into digital home loans and digital secured loans market which will allow the company to tap into a completely different user base.
Finnov is the KreditBee’s parent company and talking about the company’s previous funding, Finnov has previously raised USD 43 million from multiple investors including Kunlun, Arkam Ventures, Shunwei Capital, ICICI Bank and Xiaomi. According to several sources and through many reports, it has been confirmed that Xiaomi has exited from this partnership because of the increasing geopolitical tensions between India and China. Consequently, the Indian government is not appreciating the use of Chinese products and this even includes Chinese partnerships with Indian companies.