Personal loan application KreditBee gets a boost by India SME 60 crore investment

The shift from offline to online has benefited a lot of early startups. The shift acted as a boon for a sullen Indian economy that was reviving on the offline culture previously. Pandemic added fuel to the already spurring online market shift.

 

From groceries to fashion the online world offers a never ending market for both consumers and business owners. The Indian financial sector is also trying to cope amid increasing online transactions. Personal loan applications have simplified the process of getting a loan sanctioned.

 

KreditBee is an instant personal loan application that is helping self employed and salaried individuals to instantly procure a personal loan. The pandemic in India left many young professionals unemployed. The rampant unemployment opened the gates for transitioning their hobbies into an online business. 

 

Young professionals sought help from personal loan applications and banks to procure personal loans as a means to expand their businesses. The initial investment taken in the form of personal loan helped many to extend the horizons of their business. 

 

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KreditBee’s customer base increased in 20202. To help KreditBee in its business expansion India SME has funded Rs.60 crore. The investment will be a mix of equity and debt. In March 2021 KreditBee raised  Rs. 5.1 billion in a C series funding round that was backed by the lead investors Motilal Oswal Private Equity and NewQuest Capital Partners. 

 

KreditBee has raised Rs. 11.1 billion through its 3 funding rounds. KreditBee is funded by 7 investors namely India SME Investment, NewQuest Capital Partners, Motilal Oswal Private Equity, Alpine Capital. PremjiInvest, Arkam Ventures and Mirae Asset- Naver Asia Growth funds. 

 

It is easy to procure loans from KreditBee. KreditBee’s documentation process is minimal and it just takes 15 minutes to get a personal loan. As the application process is entirely online there’s no need to wait for long hours to get the money transferred.

 

Just a few steps and the amount will be credited to the loan applier’s bank account. KreditBee caters to India’s young adult population; anyone who is an Indian resident, and earns more than 10,000 can apply for a loan on this application. 

 

According to Economic Times SIDBI backed India SME Investments focuses on investing in early-growth companies, primarily operating in Tier 2/3 cities, targeting the lower and middle class segment and benefiting from changing consumer preferences. Its other investments include Citykart, Kushal’s and snacking company Priniti.

 

India’s Fintech sector is growing at a fast pace. According to the statistics there are currently 2174 Fintech firms startups in India. Presently the Indian Fintech industry is valued at $ 50 billion. It is expected to evolve more in the upcoming years.