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Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. 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," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. 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. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

Homegrown micro-blogging platform <keyword id="3518161" type="PERSON" weightage="20" keywordseo="koo">Koo</keyword> on Wednesday said it has raised $30 million in Series B funding, led by Tiger Global. Koo has garnered nearly 60 lakh downloads in just a year of operations. "We have aggressive plans to grow into one of the world's largest social media platforms in the next few years. Every Indian is cheering for us to get there soon. Tiger Global is the right partner to have on board to realise this dream," said Aprameya Radhakrishna, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO of Koo. Koo's existing investors <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword>, <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, <keyword id="592779" type="COMPANY" weightage="20" keywordseo="Blume-Ventures">Blume Ventures</keyword> and Dream Incubator also participating in the round. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round, the company informed. Koo last week said it has met the compliance requirements of the new IT (Intermediary Guidelines) Rules 2021 ahead of its May 25 deadline set by the Ministry of Electronics and Information Technology (MeitY). Koo said earlier this month announced to launch a unique feature that will help users speak and type messages without using the keyboard in regional languages, apart from English. Called 'Talk to Type,' the feature will help Koo users speak out their thoughts and the words will show up on the screen at the click of a button. Founded last year, the vernacular micro-blogging platform Koo crossed 60 lakh users within no time and aims to garner 10 crore users by the end of this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-moves-the-delhi-high-court-against-indias-new-it-laws-says-report/articleshow/82965251.cms">WhatsApp moves the Delhi High Court against India’s new IT laws, says report</a> <a href="https://www.businessinsider.in/science/environment/news/cyclone-yaas-will-unleash-its-fury-for-another-12-to-18-hours-after-making-landfall/articleshow/82964922.cms">Cyclone Yaas will unleash its fury for another 12 to 18 hours after making landfall</a>

India's micro-blogging app Koo raises $30 million led by Tiger Global

Fintech platform <keyword id="6557529" type="General" weightage="100" keywordseo="kreditbee" source="Orion">KreditBee</keyword> on Friday said it has closed $200 million in its Series D round by raising an additional $100 million in primary funding from <keyword id="312345" type="General" weightage="80" keywordseo="advent-international" source="Orion">Advent International</keyword>, Mitsubishi UFJ Financial Group (<keyword id="380218" type="General" weightage="80" keywordseo="mufg" source="Orion">MUFG</keyword>) and existing investors. Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, <keyword id="15088227" type="General" weightage="50" keywordseo="motilal-oswal-alternates" source="Orion">Motilal Oswal Alternates</keyword>, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. "This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, Co-Founder and CEO, KreditBee. The platform aims to cross-asset under management (AUM) of more than $1 billion over the next 6-9 months. "We believe KreditBee's proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage," said <keyword id="1581364" type="General" weightage="50" keywordseo="shweta-jalan" source="Orion">Shweta Jalan</keyword>, Managing Partner at Advent International. KreditBee currently has 7 million loan customers, out of which over 3 million are active loan customers. "KreditBee has witnessed several credit cycles and has come out stronger each time reflecting the adaptability and resilience of its business model," said Ashish Dave, CEO of Mirae Asset Venture Investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-makes-open-offer-to-acquire-26-stake-in-lotus-chocolate/articleshow/96791043.cms">Reliance makes open offer to acquire 26% stake in Lotus Chocolate</a>

KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

Max Financial Services: Company worth ₹24,000 crore running with only 12 employees

New Delhi, Dec 5 () Logistics firm Shadowfax has raised around Rs 430 crore in a funding round led by e-commerce player Flipkart. 
Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and the World Bank-backed IFC also participated in the funding round, a joint statement by Shadowfax and Flipkart said.
Flipkart has an existing partnership with Shadowfax for delivery of products and the investment is part of Flipkart's strategy to build hyperlocal ecosystem by bringing offline 'kirana' stores within the fold of its business, the statement said.
 "By leveraging kirana stores and the deep delivery capabilities of Shadowfax and other Flipkart-led innovations, we are building a strong foundation to make inroads into a dynamic hyperlocal consumer market," Flipkart CEO Kalyan Krishnamurthy said.
Shadowfax CEO Abhishek Bansal said with this capital infusion, Shadowfax plans to invest extensively in building long-term capabilities which are essential to developing an efficient and superior service quality ecosystem in Indian logistics. 
"This strategic integration with Flipkart and its global best practices will not only unlock huge opportunities for Shadowfax but will also enable us to innovate with the largest online platform in India and build core capabilities that can be democratized for the larger logistics ecosystem," Bansal said. PRS ANU
ANU

Shadowfax raises Rs 430 cr in funding round led by Flipkart

<ul class="summary-list"><li>On Wednesday, <a href="https://www.businessinsider.com/bi-prime-brex-pitch-deck">credit card startup Brex</a> announced it had secured $200 million in debt financing from Credit Suisse.</li><li>This is the <a href="https://my.pitchbook.com/profile/226102-87/company/profile#deal-history/118285-84T">second round of debt financing</a> for the $2.6 billion startup following a $100 million round in June from Barclays - and the third funding event overall.</li><li>Brex CFO Michael Tannenbaum told Business Insider that the company's fundraising strategy "makes sense" given its <a href="https://www.businessinsider.com/brex-launches-business-bank-accounts-2019-10">rapid pace of growth</a> and continuous development of new products and services that are more asset-intensive than its <a href="https://www.businessinsider.com/brex-credit-card-review">original credit cards for startups.</a></li><li>This year alone, <a href="https://www.businessinsider.com/brex-first-employee-says-startup-better-than-any-mba-program-2019-9">Brex</a> has<a href="https://www.businessinsider.com/brex-opens-restaurant-in-san-francisco-2019-9"> announced a San Francisco cafe exclusively for cardholders</a>, <a href="https://www.businessinsider.com/brex-brex-cash-bank-account-for-startups-henrique-dubugras-2019-10">a checking account</a>, a members-only lounge, and <a href="https://www.businessinsider.com/brex-launches-business-bank-accounts-2019-10">ACH transfers</a>. Tannenbaum said that pace will only continue, if not accelerate, going into 2020.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Buzzy <a href="https://www.businessinsider.com/bi-prime-brex-pitch-deck">credit card startup Brex</a> has had a breakout year. In the last 12 months, the company has swiftly expanded beyond its roots as a <a href="https://www.businessinsider.com/brex-credit-card-review">"black card for startups"</a> to include <a href="https://www.businessinsider.com/brex-brex-cash-bank-account-for-startups-henrique-dubugras-2019-10">a checking account service</a>, <a href="https://www.businessinsider.com/brex-launches-business-bank-accounts-2019-10">ACH transfers</a>, a members-only lounge, and <a href="https://www.businessinsider.com/brex-opens-restaurant-in-san-francisco-2019-9">a restaurant.</a>Its presence at the annual startup conference TechCrunch Disrupt was so ubiquitous that it wasn't clear whether the conference was essentially a customer marketing event for the startup itself. The sleek black and orange ads blanket San Francisco's buses, newspaper stands, and billboards.The <a href="https://www.businessinsider.com/brex-first-employee-says-startup-better-than-any-mba-program-2019-9">cherry on top of the company's year</a> is a whopping $200 million round of debt financing led by banking giant Credit Suisse, the company announced Wednesday. The financing will help fund the company's e-commerce credit card, also launched this year, Brex CFO Michael Tannenbaum told Business Insider."Debt makes sense for business models that are more asset intensive, because debt helps unlock additional funding capacity for these assets," Tannenbaum said. "Fintech is a good example of these type of businesses. If you look at scale financial services companies, including credit card companies, most of them will take advantage of the debt capital markets in addition to the equity capital markets."This is the second debt financing round for Brex in 2019, and its third funding event of the year, <a href="https://my.pitchbook.com/profile/226102-87/company/profile#deal-history/118285-84T">according to PitchBook data</a>. The $2.6 billion startup raised $100 million in debt financing from Barclays in April, and completed a new venture round, also $100 million, in June.Tannenbaum said that the venture fundraising and the debt "serve different purposes." It doesn't make sense for Brex to dilute equity in the company just to get the cash it needs to back the core credit-related aspects of its business, he said."We raise equity to fund the operations of the business, while the debt is used to leverage our balance sheet and the credit card receivables that arise as part of our corporate credit card business. Debt is much more efficient financing for that part of our business," he said.However, there's no avoiding the fact that taking on this much debt financing does complicate matters when it comes to balancing the books.To help steady the course, Brex also announced Wednesday that it was bringing on former American Express underwriter Mira Srinivasan as Head of Credit and fintech startup exec Erica Dorfman as VP of Cash. Marco Mahrus, from Uber's payments team, rounds out the senior leadership team as VP of Payments."These individuals are consistent with our overall hiring strategy at Brex, which is to bring leaders who have experienced scale and success at other companies," Tannenbaum said. "Mira brings expertise from best in class corporate card underwriter American Express, Marco from the highly respected payments organization at Uber, and Erica from SoFi and then Tally."Those fresh faces will be necessary going into 2020, Tannenbaum said, as the company is not slowing down its growth, already breakneck even by Silicon Valley standards, in the new year."The pace of innovation and product investment, alongside the overall value we add to our customers, will only continue," Tannenbaum said.

You Searched For "mirae asset ventures" and got 6 results

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

IANS

India's micro-blogging app Koo raises $30 million led by Tiger Global

IANS

KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

IANS

Max Financial Services: Company worth ₹24,000 crore running with only 12 employees

Eetika Kapoor

Shadowfax raises Rs 430 cr in funding round led by Flipkart

PTI

The CFO of credit card startup Brex said that its 'made sense' to take on $200 million in debt financing as the company picks up the pace on growth

Megan Hernbroth

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