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Funding Galore: From KreditBee To Vogo — $192 Mn Raised By Indian Startups [February 15 -20]

We bring to you the latest edition of Funding Galore: Indian Startup Funding Of The Week

In the biggest funding round this week, lending tech platform KreditBee raised $75 Mn (INR 544 Cr) in a Series C funding round led by Azim Premji’s PremjiInvest and South Korea’s Mirae Asset Venture, with participation from US-based Alpine Capital and Arkam Ventures. The round was a mix of primary and secondary transactions, which has cut Chinese investors in the company from 40% to 10%. Chinese electronics giant Xiaomi has completely exited, while Shunwei Capital and Kunlun reduced their holdings.

Founded in 2016, KreditBee is operated by Finnov, which also runs the non-banking financial company (NBFC) Krazybee. The lending platform specialises in personal loans and consumer durable loans up to INR 2 Lakh with tenures ranging from two months to 15 months. It claims to have a user base of over 20 Mn, and will venture into secured loans and insurance products with the new round.

“With a larger portfolio of loan products, our objective is to provide credit to over 180 million new-to-credit (NTC) customers who were not provided formal credit earlier,” KreditBee CEO and cofounder Madhusudan Ekambaram said. “This investment would help us take more positive steps towards achieving that,” he added.

Overall, $192 Mn was invested in Indian startups across 22 deals this week.

Note: This funding report is based on startups that disclosed funding amounts

Top 10 Indian Startup Funding Deals This Week

Acquisitions In Indian Startup Ecosystem

 

 

 

Other Developments Of The Week 

 

 

 

 

 

 

 

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