With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population.
"With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that,"
The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures.
Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI).
The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals.
The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed.
The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months.
The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers.
The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line.
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