Fintech platform KreditBee has raised $100 million in primary funding from a private equity investor Advent International. The capital will be used to scale the existing business and diversify its product offering by venturing into digitally enabled financial products, the company said in a press release.

It serves the credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (systemically important NBFC) along with partnerships with over 10 renowned financial institutions. According to the company, it is on track to surpass an AUM of $1 billion over the next 6-9 months.

“We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country,” said Madhusudan Ekambaram, co-founder and CEO of KreditBee.

Avendus Capital acted as the exclusive financial advisor to KreditBee on the transaction. Currently, the platforn claims to have 7 million loan customers, out of which over 3 million are active loan customers.

“We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage. We look forward to this partnership and to assist the platform to drive further value creation in its next phase of sustainable growth,” said Shweta Jalan, Managing Partner at Advent International.