India-based digital lender KreditBee has secured an additional $70m in primary and secondary series C funding, in a round enabling corporate investors Kunlun and Xiaomi to exit, the Economic Times reported yesterday.
The second tranche raised by KreditBee’s parent company, Finnovation Tech Solutions (Finnov), was co-led by direct secondaries private equity platform NewQuest Capital Partners and private equity firm Motilal Oswal Private Equity, bringing its series C round to $145m.
The round’s initial $75m close took place in February this year and featured Alpine Capital, Arkam Ventures, Mirae Asset Venture and PremjiInvest.
The first close allowed consumer electronics maker Xiaomi to fully exit while internet company Kunlun and VC firm Shunwei Capital cut the size of their stakes.
A source familiar with the matter told ET that Kunlun, Xiaomi and Shunwei Capital, the three China-headquartered investors that jointly held a stake in KreditBee sized at about 40%, have now completely sold their shares.
Launched by Finnov in 2018, KreditBee runs an online platform that provides loans of up to roughly $3,000 to young professionals in its home country, who can send the cash to their bank accounts within 15 minutes of approval.
The company will use the funding to add more products to KreditBee’s lending portfolio apart from unsecured personal loans, including in areas such as insurance and credit card lending for individuals and small businesses.
Xiaomi and Shunwei Capital had backed an $8m series A round for the company in 2017, before it received $43m in series B funding from Arkam Ventures and ICICI Bank at an undisclosed date.
