March 22, 2021:Bengaluru-based Fintech Lending Platform KreditBee’s holding entity, Finnov has raised an additional USD 70 million in a follow-on Series C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. The conclusion of this round has led to an exit of most of the early-stage investors. The holding entity had very recently raised USD 75 Million from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures. With the new capital influx, the entity looks to scale up its lending portfolio beyond personal loans into other lending products, value-added services, deeper channel integrations and partnerships. Solutions under evaluation include secured lending products, as well as the democratization of other auxiliary products and services around loans, like insurance and cards.
“A complex demography like India requires simple, effective and impactful lending solutions, that comes with a deeper understanding of the consumer financing needs of the ecosystem. We are happy to onboard investment partners with us who share the same vision as we do as to how personal finance should graduate from a luxurious aspiration to a trivial commodity, available at the click of a button”, added Madhusudan E, Co-Founder & CEO of KreditBee’s holding group entity.
“The requirements of the average value-seeking middle class Indian can only be met by a multitude of lending products. One size doesn’t fit all. We are excited to become a shareholder of Finnov at this juncture and to support its next stage of development in offering innovative lending solutions to the dynamic India market”, added Amit Gupta, Founding Partner at NewQuest Capital Partners.
Talking about the development, Vishal Tulsyan, CEO and MD at Motilal Oswal PrivateEquity remarked, “We are keen on businesses that are scalable and yet built on sound unit economics, and KreditBee ticked all the boxes. With the sustained focus and momentum, we see the platform becoming a mainstream Fintech Lending solution in the Asian market.”
Finnov, registered in March 2016, also holds Krazybee Services Private Limited, a systemically important non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India (RBI). The group launched KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform has acquired over five million unique credit customers. The company currently has more than 1,200 employees and a registered user base of over 25 million.
Source: Business World