India-based digital lending platform KreditBee has obtained $75m in a series C round that allowed smartphone manufacturer Xiaomi to fully exit and internet company Kunlun to partially sell its stockholding, the Economic Times reported yesterday.
Mirae Asset Venture, PremjiInvest, Alpine Capital and Arkam Ventures provided the financing, which consisted of primary and secondary transactions.
Xiaomi and Kunlun’s share sale formed part of a larger move by KreditBee to reduce exposure to Chinese shareholders, and Shunwei Capital has also reduced its stake. KreditBee’s Chinese investors now hold approximately 10% between themselves, down from a previous 40%.
KreditBee is one of two subsidiaries of Finnov, the other being non-banking financial company KrazyBee. KreditBee specialises in offering small personal loans to young professionals.
Xiaomi and Shunwei provided $8m in series A capital in 2017, followed by $43m in a series B round supplied by Arkam Ventures and ICICI Bank.
