Synopsis
Digital lending firm Kreditbee has raised $280 million, becoming a unicorn with a $1.5 billion valuation. This funding marks their last private round before a planned public listing. The company is awaiting regulatory approval for its initial public offering. Kreditbee has expanded its offerings and is investing in new technology.The round is a mix of $220 million in primary capital to be infused into the firm and $60 million in secondary capital, where the cash is taken by existing investors in lieu of the shares they have sold.
ET had reported on February 2 that this round was in the works.
The round was led by Hornbill Capital, Japanese banking firm MUFG-backed Dragon Funds and Indian private equity investor Motilal Oswal Alternates, Kreditbee cofounder Madhusudan Ekambaram told ET. The round also saw participation from WhiteOak Capital, A.P. Moller Holding and existing investors including Premji Invest and Advent International.
“This is our last private round before our planned public listing. We are hopeful that in the next two to three months the merger of our technology and NBFC (non-banking financial company) entity will be completed,” Ekambaram said.
The company is awaiting the final nod from the National Company Law Tribunal before formally kicking off its initial public offering (IPO) process, he said. Kreditbee's competitors in the digital lending space Fibe, Moneyview and Kissht are all in the process of going public.
