Computerized loaning stage KreditBee has raised an extra $70 million out of a follow-on Series C round from TPG-supported NewQuest Capital Partners and Motilal Oswal Private Equity.

A month ago, the Bengaluru-based organization had gotten $75 million worth of essential and auxiliary tranche from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures in something similar round.

As indicated by KreditBee, the new finances will be conveyed towards growing the loaning portfolio to various items and building up a disconnected internet loaning capacity. It further added that the finish of this round has prompted an exit of the majority of the beginning phase financial backers.

A KreditBee’s representative affirmed that Chinese financial backers, for example, Xiaomi and Shunwei Capital have made a total exit from the organization. Xiaomi and Shunwei had put around $8 million in KreditBee’s Series A round in 2017.

Driven by Madhusudan E, KreditBee is a stage encouraging credit exchanges between the borrowers and the NBFCs or banks. The organization gives individual credits to youthful experts in the scope of Rs 10,000 to Rs 200,000 for a residency of 2 to 15 months and at a loan cost of up to 2.49%. The organization professes to have an enlisted client base of more than 25 million.

During the last monetary year or FY20, KreditBee recorded a 3.7X bounce in its income to Rs 557.72 crore with an absolute consumption of Rs 450.7 crore. The organization was beneficial in the last two monetary years with Rs 98.45 crore in FY20 and Rs 44.35 crore in FY19.

In the computerized individual advance section, KreditBee has a considerable rundown of contenders including MoneyTap, EarlySalary, LazyPay and Sachin Bansal’s Navi.