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Deepti Sri · · 1 min readReport: Fintech firm KreditBee raises $70m in series C follow-up
“Digital lending platform KreditBee has raised an additional US$70 million in a follow-on Series C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity,” reported Entrackr.
Details:
- Funds raised from the round will help the company broaden its lending portfolio and building offline-online lending capability.
- Investors including Xiaomi and Shunwei Capital have completely exited the startup as part of the round.
Context:
- In February, the company secured US$75 million in its series C round, which was joined by Azim Premji’s PremjiInvest and South Korea’s Mirae Asset Venture.
- The lending platform’s revenue rose 3.7x to 5.58 billion rupees (US$77.1 million) in the last fiscal year, and it has been profitable for the last two years, according to the report.
Editing by Miguel Cordon
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