KrazyBee has recently raised 8M USD in a Series A funding led by Xiaomi Technologies and Shunwei Capital
Pune: India’s largest micro-lending platform ‘’KrazyBee’’which focuses on financing students and their education, is expanding its business in Pune. KrazyBee has been primarily operating in 5 cities (Bangalore, Hyderabad, Telangana, AndhraPradesh, Vellore and Mysore) and plans to expand to over 11 cities by the end of this year. With over 400,000 registered borrowers on its platform, KrazyBee currently processes over 3000 loan applications and disburse around 1,700 loans per day.
Speaking at the Occasion Mr. Madhusudan E., Founder & CEO of KrazyBee said ‘’KrazyBee is currently present in 200+ colleges in Pune and has 200+ Campus Managers (Student Interns) in Pune alone. We are serving students in all the reputed colleges in Pune and because of the phenomenal response we received here, we have expanded to Mumbai, and lately to Nashik and Nagpur as well. Very soon, we shall be opening up our services to young professionals working in Pune’’.
KrazyBee has recently raised 8M USD in a Series A funding led by Xiaomi Technologies and Shunwei Capital. The Series A funding is a mix of equity and debt (majorly equity). The total composite funding received by KrazyBee till date is 13M USD that includes a Seed Fund of 2M USD and Pre-Series A funding of 3M USD. The latest round of funding will be used for strengthening the risk model & algorithm, catering to new market segments and focusing on product diversification & geographical expansion in existing segments.
KrazyBee has multiple offerings ranging from financial aid for e-commerce purchases to two-wheeler loans to student education loans and even top-up. At present, KrazyBee has six leading lenders on the platform, with IIFL being the largest. The firm also has an NBFC licence under the entity KrazyBee Services. It leverages Big Data and machine learning to price credit and automate the borrowing process. It has demonstrated unparalleled credit performance by issuing over 220,000 loans in about 1.5 years of operations.
KrazyBee is also one of the largest internship providers in India. It has tied up with close to 800 colleges across 11 cities for the Campus Manager Internship program. KrazyBee provides paid & certified internship to 1000+ college students in India, and is looking forward to hiring another 2000+ students across the next 6 months. The internship program is designed in such a way that the best interns get to work full-time with KrazyBee and many of its partner brands once they pass out of college.
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