KreditBee, India’s largest digital lending platform, has recently announced the completion of a $75 million Series A funding round, led by Azim Premji’s family office, Premji Invest.
The round, which also saw participation from existing investors Ribbit Capital, Beeskart and Gaja Capital, will be used to support KreditBee’s ambitious growth plans in India.
KreditBee was founded in 2015 by IIT-Madras alumni Gaurav Jalan, Prateek Agarwal and Shailendra Singh. It provides instant online personal loans to millennials and young professionals.
The platform has seen rapid growth since its launch, with over 1.5 million customers and a loan book of $250 million.
The company has also launched a number of innovative products, such as “KreditBee Credit” which offers customers access to a line of credit of up to Rs. 75,000.
Commenting on the investment, Gaurav Jalan, Co-founder and CEO of KreditBee, said: “We are delighted to have the backing of an investor of the caliber of Azim Premji and his family office. We are confident that this investment will help us accelerate our growth and further solidify our position as India’s leading digital lending platform.”
Azim Premji, Chairman of Premji Invest, said: “We are impressed with the team at KreditBee and are confident that they will continue to provide innovative products and services to their customers. We are excited to partner with them as they continue to grow and expand their presence in India.”
KreditBee is the latest in a series of investments by Premji Invest. The fund has also made investments in the healthcare and education sectors, as well as in companies like Ola, Byju’s, and others.
With this investment, KreditBee is well-positioned to further expand its presence in the Indian market. The company plans to use the funding to expand its product offerings, enhance its technology platform, and grow its customer base.
Q: What is KreditBee?
A: KreditBee is India’s largest digital lending platform, providing instant online personal loans to millennials and young professionals.
Q: Who led the recent $75 million Series A funding round?
A: The $75 million Series A funding round was led by Azim Premji’s family office, Premji Invest.
Q: What will the funding be used for?
A: The funding will be used to support KreditBee’s ambitious growth plans in India, including expanding its product offerings, enhancing its technology platform, and growing its customer base.
Q: Who else participated in the funding round?
A: The funding round also saw participation from existing investors Ribbit Capital, Beeskart and Gaja Capital.
In conclusion, KreditBee’s recent $75 million Series A funding round is a testament to the success of the company and its potential for further growth. The funding will allow the company to expand its product offerings, enhance its technology platform, and grow its customer base. With the backing of Azim Premji and other leading investors, KreditBee is well-positioned to continue to be a leader in the Indian digital lending space.
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