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Digital lending platform KreditBee has raised $9.4 million or Rs 78.33 crore from existing investors: Premji Invest, Motilal Oswal Private Equity, and Mirae Asset among others in an extended Series D round.
The board at KreditBee has passed a special resolution to issue 92,322 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 8,485.36 each to raise Rs 78.33 crore, its regulatory filing sourced from the Registrar of Companies shows.
Inc42 reported the development first.
Wiseanya Ltd led the round with an infusion of Rs 40.91 crore while Motilal Oswal PE (via India Business Excellence) and Mirae Asset pumped in Rs 9.52 crore and Rs 1.15 crore, respectively. Premji Invest, MUFG Bank Limited, and NewQuest Capital also joined the round with the remaining sum.
Founded by Madhusudan E, KreditBee is a platform facilitating loan transactions between borrowers and NBFCs or banks. The company provides personal loans up to Rs 4 lakh to young professionals for a tenure of 2 to 15 months and at an interest rate of up to 2.49%.
The new tranche has come for the company after a gap of 15 months. It raised $180 million across two tranches in the last quarter of FY22. As per the startup data intelligence platform TheKredible, Premji Invest is the largest external stakeholder with 23.44% followed by Newquest Asia and Alpine Capital.
Head to TheKredible to see the complete shareholding.
According to its website, it has over 7 million customers and disbursed credit worth Rs 30,000 crore.
KreditBee turned into the black in FY23 to post Rs 64.33 crore profit. At the same time, its revenue from operations grew to Rs 788.66 crore during the last fiscal year. MoneyTap, EarlySalary, LazyPay, and Sachin Bansal’s Navi are notable competitors of KreditBee.
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