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Fintech platform KreditBee has recorded a revenue of Rs 69,352 lakh, from operations, in FY22-23 compared to Rs 42,408 lakh in the previous year, at a 63.53% increase.

The Bengaluru-based company’s overall operational expenses broadened by 43.44% to Rs. 72,412 lakh, from Rs 50,480 lakh in the previous year. Its reported a net profit of Rs 6,433 lakh in FY22-23, compared to a loss of Rs 8,495 lakh in the previous year.

The total income of the company surged 77.08% to Rs 78,866 lakh in FY22-23 from Rs 44,535 in FY21-22.

The company’s authorised share capital increased from Rs 2,00,00,000 to Rs 4,45,00,000 in the 2022-23 financial year.

The company issued and allotted 4,07,783 0.001% non-cumulative Series D compulsorily convertible preference shares of Rs 10 with a total premium of Rs 8,475.36. These shares were fully subscribed and paid up. As of 31 March 2023, the company’s Iissued, subscribed, and paid-up share capital stood at Rs 3,47,18,85,366.88.

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KreditBee, founded in May 2018, is a fintech lending platform focused on providing financial inclusion in India via digital lending solutions in the form of personal loans.

The company plans to diversify its product offering by introducing financial services such as insurance, BNPL (buy-now-pay-later), credit score reports, and merchant-side offers. It also plans to increase its asset under management to over $1 billion within the next six to nine months.

KreditBee serves credit and personal finance requirements through its in-house RBI-registered NBFC, Krazybee Services Private Limited, and partnerships with over 10 financial institutions.

In January, it secured the second tranche of $100 million of its $200-million Series D funding from Advent International, valued at approximately $680 million. Avendus Capital acted as the exclusive financial advisor.

In March, KreditBee partnered with PayU, a digital payments solution provider, to offer customers the option to convert online purchases worth between Rs 2,400 and Rs 2 lakh into easy cardless EMIs during checkout.

KreditBee is backed by Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments.