KB NBFC is a non banking finance company under lending tech startup KreditBee that secured $32 million in a debt funding round led by Yubi, Neo Group, Dzerv, Oxyzo, and OfBusiness, among others. After allotment of debentures, the startup got its latest tranche of $12 million from Neo Group and Dzerv last week.
The startup is one of the lending partners for KreditBee, Besides KB BFC the company also has partners including Vivriti Capita, Inced Finance, Pay U Finance, And Norhter Arc. The startup raised funds previously as a part of its extended series D round. KreditBee secured over 9.4 million USD from its existing investors for that round including Mitsubishi UFJ Financial Group Bank, Advent International, Motilal Oswal Ventures, Premji Invest, Mirae Asset Ventures, and NewQuest Capital Partners.
Image source: KreditBee.in
The company plans to use these fresh proceeds to expand its business and meet working capital requirements. KreditBee closed its series D round at 209 million USD for a valuation of $700 million. The company has secured a total fund of $400 million from all its rounds to date since its inception. This firm has investors including TPG Growth, Arkam Ventures, and Mirae Asset Ventures. KreditBee offers a platform that facilitates loaning transactions between borrowers and NBFCs or banks and provides other financial requirements.
The firm claims to have more than 30 million customers with over 11 crore registered customers. The company offers instant personal loans starting from Rs 1000 to Rs 5 lakh. The firm focuses on becoming a quick and convenient loan lending platform and expanding its network across the country. The platform is easy to use and takes 10 minutes from documentation to the completion of the lending process. KreditBee competes with other online lending platforms including PB Fintech, Navi, LoanTap, and Capital Float.
Conclusion
An Online lending tech startup KB NBFC, a subsidiary under KreditBee has raised $32 million in its debt funding round. The round had the participation of several investors and was led by Yubi, Neo Group, Dzerv, Oxyzo, and OfBusiness, among others.
The company intends to use this amount to scale up its in-house infrastructure, and business development, market expansion, and advance its technology. The startup raised funds previously as a part of its extended series D round. KreditBee secured over 9.4 million USD from its existing investors that round, including Mitsubishi UFJ Financial Group Bank, Advent International, Motilal Oswal Ventures, Premji Invest, Mirae Asset Ventures, and NewQuest Capital Partners. The startup plans to use these fresh proceeds to expand its network and meet working capital requirements. KreditBee closed its series D round at 209 million USD at a post-money valuation of $700 million. The company has secured a total fund of $400 million from all its rounds since its inception. TPG Growth, Arkam Ventures, and Mirae Asset Ventures back this firm. KreditBee offers a platform that facilitates loaning transactions between borrowers and NBFCs or banks and provides other financial requirements.
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