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Deepti Sri · · 1 min readLending startup KreditBee lands $75m in series C round
“Digital lending startup KreditBee has secured an investment of US$75 million in a series C round, which saw participation of Azim Premji’s PremjiInvest and South Korea’s Mirae Asset Venture,” reported Economic Times.
Details:
- Funds raised from the financing round will be used to expand its borrower base.
- China-based investors have decreased their stakes from 40% to about 10% in KreditBee’s parent company Finnov, with Chinese smartphone-maker Xiaomi making a complete exit from the company.
Context:
- KreditBee raised US$8 million from Shunwei and Xiaomi in its 2017 series A fundraise then went on to secure US$43 million from ICICI Bank and Arkam Ventures in its series B round.
- The investment is aimed at formalizing credit delivery in India, according to a partner at Premji Invest.
Editing by Miguel Cordon and September Grace Mahino
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