Fintech platform KreditBee on Friday said it has raised $100 million (nearly Rs 827 crore), as an extension of its Series D funding round, from private equity investor Advent International.
Last month, the company raised tranche one of Series D from Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. Avendus Capital acted as the exclusive financial advisor to KreditBee on the transaction, the company said in a statement.
The additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products.
"We are delighted to welcome a long-term financial and strategic partner in Advent. 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 the over 400 million middle-income population in the country," KreditBee co-founder and CEO Madhusudan Ekambaram said.