KreditBee has raised Rs 60 crore from SIDBI’s investment arm India SME Investments. The funding is part of its Series C round, in which the startup at the beginning of this year raised about $145 million from Premji Invest, Mirae Asset Ventures, TPG-backed NewQuest Capital Partners, and Motilal Oswal Private Equity. India SME invested Rs 28.4 crore in September 2019 as debt in Krazybee Services, which is the holding company of KreditBee.

KreditBee offers personal loans through its digital platform to blue-collar workers and the self-employed. The company is looking to expand its lending portfolio by introducing financial services like Buy-Now-Pay-Later and insurance, among others. Small Industries Development Bank of India (SIDBI) backed India SME Investments focuses on early-growth companies, primarily based in Tier 2/3 cities and targeting the lower and middle-income segments. Its other investments include value-retailer Citykart and jewelry brand Kushal’s, as well as snacking company Priniti Foods.

KreditBee, founded in May 2018, is a Non-Banking Financial Company (NBFC). Its competition is big startups like MoneyTap, EarlySalary, and Navi. In its previous rounds, the company raised $8 million from Shunwei and Xiaomi in 2017. It also raised $43 million in equity from ICICI Bank and Arkam Ventures in its Series B round.