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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

<keyword id="48032" type="General" weightage="20" keywordseo="blackstone" source="Orion">Blackstone</keyword> announced on Monday that <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> funds managed by Blackstone have acquired a majority stake in <keyword id="370504" type="General" weightage="20" keywordseo="ASK-Investment-managers" source="Orion">ASK Investment Managers</keyword> Limited (ASK), one of India's largest asset and <keyword id="153884" type="General" weightage="20" keywordseo="wealth-management" source="Orion">wealth management</keyword> companies, from Advent International and other sellers. ASK is one of the leading asset and wealth managers in India catering to clients across Asia, the Middle East, Africa, and Europe, and manages more than $10.6 billion in assets (as of December 31, 2021). It is one of the first portfolio managers in India, with nearly three decades of experience in managing the investment needs of India's high-net-worth individuals, family offices and institutions. ASK also specializes in property investment advisory and wealth advisory services. Amit Dixit, Head of Asia for Blackstone Private Equity, said: "Asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialization of household savings and an emerging wealthy population seeking personalized financial advice and products. ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors. The company is led by an entrepreneurial management team and founder who have been together for more than a decade and established a market-leading business. We are excited to partner with ASK in the next phase of its journey." Sameer Koticha, Founder Promoter &amp; Chairman, ASK, said: "We are excited about the investment from Blackstone, as a long-term strategic partner. This partnership is a testament to ASK's high-quality management team and the business we have built over decades. Blackstone's global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly". Shweta Jalan, Managing Partner at Advent International, said: "We are immensely proud of all that has been achieved at the business since we became a partner over five years ago. During this period, ASK has undergone transformational change and continued to grow significantly. We would like to thank the management team for all their hard work throughout our time together and we wish the company great success in the future." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/petrol-and-diesel-are-likely-to-get-more-expensive-as-the-cost-of-crude-oil-hits-a-seven-year-high/articleshow/89559986.cms">Petrol and diesel are likely to get more expensive as the cost of crude oil hits a seven-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">The market in India is bummed out for at least three reasons and none of them are going away in a hurry</a>

Blackstone acquires a majority stake in one of the largest wealth management firm, ASK Investment Managers

New Delhi, Nov 19 () Private equity firm Advent International has signed an agreement to acquire a majority stake in biopharmaceutical firm Bharat Serums and Vaccines.
 "With this transaction, OrbiMed PE and Kotak PE, two private equity firms that previously held minority positions in Bharat Serums, will fully exit their investments in the company," Advent International said in a statement.
 The Daftary family, which founded Bharat Serums and Vaccines (BSV), is retaining a 'meaningful equity' stake in the business and is partnering with Advent on the company's next stage of growth, it added.
 The acquisition is expected to close by the end of this year, Advent International said.
 The company however did not disclose the financial terms of the definitive agreement.
 "Drawing on our deep experience in pharmaceuticals and our global platform, we see significant opportunity to further strengthen the company's leadership position in India, particularly in women's health, and scale its presence in emerging markets around the world," Shweta Jalan, Managing Director and Head of India at Advent International said.
 Advent's high level of investment activity in India this year demonstrates the attractiveness of the market and Advent's commitment to investing here, she added.
 "The partnership with Advent is another major milestone in BSV's growth story," Gautam V Daftary, a member of the founding family of Bharat Serums said.
 Innergize Solutions acted as strategic advisor to BSV on the transaction, the statement said.
 Founded in 1971, in Mumbai, Bharat Serums is a biopharmaceutical companies in India. BSV researches, develops, manufactures and markets specialised injectable medicines with a portfolio focused on biotech and biological products. AKT DRR

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

IANS

Blackstone acquires a majority stake in one of the largest wealth management firm, ASK Investment Managers

IANS

Advent International to acquire majority stake in Bharat Serums and Vaccines

PTI

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