SIDBI-backed private equity fund India SME Investments has invested Rs 60 crore in its portfolio company KreditBee. With this it has expanded its portfolio in the Banking, Financial Services and Insurance (BFSI) segment. This is the tranche of investment from the fund, which had invested Rs 28.4 crore in Krazybee Services in September 2019, in the online personal loan lending platform.
The company is part of the RBI-backed Non-Deposit Taking Important Non-Banking Financial Company (NBFC-ND-SI) and the holding company of KreditBee.
KreditBee’s business grew 5 times
The funding comes after an investment of around Rs 507 crore was raised by KreditBee in March this year. The money came from Premji Invest, TPG-backed NewQuest Capital Partners, Motilal Oswal Private Equity, Mirae Asset Ventures and Alpine Capital. KreditBee is looking to expand its lending portfolio by introducing financial services like Buy-Now-Pay-Later (BNPL), Insurance etc. A little over Rs 1,100 crore capital has been deposited by the company after the latest round. According to India SME Investments, KreditBee has grown its business by more than five times.
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India SME Investments is registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund. It supports companies based in Tier 2 and Tier 3 and targets low or mid-class segments. Uttar Pradesh and Bihar Citykart, fashion jewelery brand Kushal’s and snack company Priniti are part of its portfolio.