KreditBee, a fintech platform, on Friday announced it raised $100 million in an extended Series D round from Advent International — a private equity player. The startup also raised $20 million from existing investors like Premji Invest, Japan-based MUFG Bank. The fresh funds will be used to scale product offerings as the company eyes an assets under management (AUM) of $1 billion over the next six-nine months, up from about $600 million currently.

As part of its Series D round, which has now concluded, the startup has raised a total of $200 million in two tranches — $80 million and $120 million, respectively. It had announced the first capital infusion last month. “This reinforces the confidence in our profitable business model and the 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, KreditBee.

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Broadly, KreditBee disburses loans worth more than Rs 1,350 crore on a monthly basis by providing unsecured loans to salaried and self-employed individuals, the company’s bread-and-butter product, as reported earlier. The company’s average ticket size for salaried individuals was around Rs 40,000-45,000 but was around half that amount — at about Rs 20,000-25,000 — for self-employed individuals. The average tenure for these loans was seven-eight months. It also disburses loans as high as Rs 0.4 million, as reported earlier.

Further, around 70% of the company’s customer base resides in non-metro cities. A majority of these customers are employees of small and medium-sized enterprises or government employees which it serves via partners like IIFL Finance, Poonawala Fincorp, PayU Finance, among others.

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KreditBee was among the players hit by the RBI’s decision to tighten the screw on digital lenders, at a time when disbursals of these loans have seen a rise in recent times. “We have been an NBFC all this while. So, the guidelines did not pinch us a lot. On the long term…are stabilising but definitely there have been some short-term pains with few of the lenders in the market,” Ekambaram had told FE earlier.