India SME Investments has invested Rs 60 crore into the holding entity of fintech lending startup KreditBee. The investment comes in the form of both equity and debt.
The latest round is a follow-up tranche of investment from India SME after having invested Rs 28.4 crore in September 2019 as debt in Krazybee Services Private Limited, the RBI-backed NBFC-ND-SI which is a part of the holding company of KreditBee.
The investment comes as a follow-up of a recent round raised by the holding group entity of KreditBee from marquee investors such as Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures, and Alpine Capital in February 2021.
Bengaluru-based KreditBee, established in May 2018, is a fintech lending platform working towards providing financial inclusion in the country via digital lending solutions in the form of personal loans.
The platform is looking to grow its lending portfolio by introducing financial services like BNPL (buy-now-pay-later) and insurance, among others.
At present, KreditBee has a user base of over 20 million, of whom four million have availed some loan product from the company. The startup is now looking to expand its credit products line and offer digital secured loans and home loans.
With over 1,200 employees, the company is now looking to target India’s 180+ million new-to-credit customers. SIDBI-backed India SME Investments focuses on investing in early-growth companies, essentially based out of/operating in Tier II/III cities, targeting the lower/middle-class segment and benefiting from evolving consumer preferences.
Its other investments include Citykart (largest value retailer in UP and Bihar), Kushal’s (a fashion jewelry brand), and snacking company Priniti.
India SME has been linked with KreditBee for over 24 months and believes that the team has deep-rooted knowledge of the fintech space, wherein it has expanded its business by over 5x through seasoned credit analytics, optimal control on CAC, and prudent product selection.
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