KreditBee raises Rs 544 crore from investors including Azim Premji

Bengaluru-based digital lending startup KreditBee has raised Rs 544 crore ($75 million) from investors including business tycoon Azim Premji's PremjiInvest.

Other investors in the Series C primary and secondary funding round comprised of Mirae Asset Venture from South Korea, US-based Alpine Capital and Arkam Ventures.

Moreover, KreditBee's parent company Finnov slashed its Chinese investors that now hold only 10 per cent as compared to previously holding 40 per cent. China's Shunwei Capital and Kunlunn also slashed their holding in the startup.

Following the stalemate between India and China, several Chinese nationals were arrested who were running such digital platforms on grounds of alleged malpractices. Google took off several personal loan apps from its Play Store.

KreditBee provides instant personal loans up to Rs 2 lakh and claims to currently sustain a user base of over 20 million. The company plans to enter the secure loans and insurance using the newly acquired funding.