KreditBee raises $70 mn in its Series C round

KreditBee raises $70 mn in its Series C round

Fintech loaning startup KreditBee, through holding element Finnov, has brought $70 mn up in the second tranche of its Series C financing round co-drove by TPG-sponsored NewQuest Capital Partners and Motilal Oswal Private Equity. Per say, the absolute financing from the round has gone up to $145 mn. These new supports would be utilized to scale up its loaning portfolio past unstable individual credits. 

As indicated by a source, the blend of essential and optional exchanges saw all beginning phase Chinese financial backers, for example, cell phone producer Xiaomi Corp, Shunwei Capital and Kunlun, making a total exit. These financial backers together held around 40% stake in the startup before the round. 

"An unpredictable demography like India requires straightforward, successful and effective loaning arrangements; that accompanies a more profound comprehension of the customer financing needs of the biological system," said Madhusudan E, CEO of Finnov, in an explanation.