Bangalore-based fintech lender Kreditbee has raised $70 million (about Rs 500 crore) to be used for developing new lending products, and an offline-online lending capability to bridge the consumer financing needs of the rural markets.

The fund has been raised by Kreditbee's holding entity Finnov in a follow-on Series-C round from TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity.

The company had recently raised $75 million from marque investors Premji Invest, Mirae Asset Ventures, Alpine Capital, and Arkam Ventures.

This round of fundraising has led to the exit of most of the early-stage investors, the fintech firm said.

With the new capital, it looks to scale up its lending portfolio beyond personal loans by adding other credit products, value-added services, deeper channel integration, and partnerships, Madhusudan E, co-founder, and chief executive of Kreditbee said, adding the new products will include secured lending products and insurance distribution.

Kreditbee, launched in May 2018, is focused on full-stack digital lending for young professionals and has since then acquired over 5 million customers and a registered user base of over 25 million. It employs over 1,200 employees.