Thursday, November 2, 2023

KreditBee Sees 2x Growth In Loan Disbursement; Bets Big On Upcoming Festive Season

KreditBee, a leading fintech platform that offers a range of personal loans saw a remarkable growth in the loan disbursements. In FY23, the company’s disbursement grew over 2X to ~Rs. 14,000 crores against ~Rs. 5,800 crores in FY22. This was led by multiple factors like increased digital adoption, advanced technology utilisation by lenders, superior customer experience by fintech players, faster loan disbursals, among others.

“India, the world's fastest-growing major economy, enjoys a significant middle-income population which is at the forefront of adopting digital financial products for achieving short and long-term financial goals. At KreditBee, we are committed to financial inclusion and help Bharat meet its aspirations. We are glad to have served over 10 million customers across 19,000 pin codes and are looking forward to deepening our reach further. We have experienced a robust H1 FY24, owing to strong demand in loan book and with the onset of festive season, complemented by the brand's diverse product portfolio, we are confident to double our loan book and see 60-70% growth in disbursements by the end of March 2024”, said Vivek Veda, Co-Founder & CFO, KreditBee.

KreditBee recently launched the campaign 'Har Tyohaar Mein Saath' to demonstrate its dependability and legitimacy for the Indian middle class in both metros and towns. The campaign emphasises that festive joy is unique to each person and not necessarily about picture-perfect celebrations seen in films/ ads. The brand stands as a trusted partner, ready to help customers celebrate for any reason, portraying the company as a dependable and legitimate lender, offering unwavering support for various festive traditions, rituals, and personal celebrations.

The brand makes financing accessible to the underserved segments of the country that are deprived of formal credit. Launched in 2018, the platform offers multiple types of personal loans up to Rs. 4 lakh, and digital gold investment products. Apart from digital lending, KreditBee has forayed into digitally-enabled secured loans and loans against property.

KreditBee is a Series-D funded entity and has a cap table of marquee investors like Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank and Mirae Asset Venture Investments. Currently, it has around 12 co-lending partners.

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