Taking a loan has been difficult task in India with bunch of formalities. When the digital loan stepped in India to make the loan process easier, it became a subject to raise controversies. KreditBee made it simpler.
KreditBee is an instant personal loan platform for self employed and salaried professionals. KreditBee was launched in May 2017 by Madhusudhan E and Karthikeyan K. Headquarters is located in Bangalore.
KreditBee has understood the urgent need of funds, especially in India it is long waiting time otherwise. It allows needy to apply for personal loan starting from INR 1,000 to 3 lakhs. The process to apply is very quick and convenient, also with very minimal documentations. The application process is completely online where it takes not more than 15 minutes.
KreditBee also found that youngsters or business aspirants in India struggling to arrange money to initiate their new career journey, that’s startup. So KreditBee also understood the rise of handful of startups in India and definitely are in a need of easy way to get money. The company gained popularity in the market because it gives a loan loan to people who do not have credit history. For which, company faced many regulatory challenges as the central bank brought up new rules including restriction for loading non-bank prepaid payment instruments (PPIs) using credit lines.
The startup projects to cross an assets under management worth $1 billion in next 6-9 months. KreditBee will move to venture into other categories such as digitally-enabled secured loans, credit lines and home loans. Also it wants to introduce financial services such as credit score report, insurance and merchant-side offers.
Recently it raised $80 million as a part of its series D investment from a new investor MUFG Bank, along with existing investors such as Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG backed News Quest Capital and Mirae Asset Ventures. The company will conduct the second tranche of this investment round in the next few weeks.
The fresh investment will be used to diversify its product portfolio and strengthen its tech stack. Madhusudan E, cofounder and CEO says “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today”.
KreditBee had earlier raised $75 million in its series C funding round. SO far it has raised more than $280 million and has been used for the right cause to overall develop the services. Atul Gupta, a partner at Premji Invest said “The KreditBee growth journey since inception has been remarkable, and it has spearheaded many innovations in the consumer lending space. We’re confident of KreditBee further consolidating its market leadership position in the coming times”.
