Bengaluru-based online instalment store for young adults, KrazyBee, has raised a whopping $8 million (around Rs 51.7 crore) in its Series A funding round, according to a media report.
The firm, which is operated by Bengaluru-based Finovation Tech Solutions Pvt. Ltd, saw its latest funding round being led by Shunwei Capital and popular Chinese smartphone maker Xiaomi Technologies. The round, which was a mix of equity and debt, also witnessed the participation of RK Group and E-city Ventures, which is part of Essel Group.
Founded in 2015 by Wan Hong and Madhusudan E, KrazyBee has till date raised a total funding of $13 million. Last year, the firm raised a $2 million seed funding round from Chinese micro-lending platform for young adults, Fenqile, and venture capital firm, YeahMobi. It then raised a pre-Series A funding round of $3 million VC firm Plum Ventures and its existing investors.
Currently operating in Bengaluru, Hyderabad, Pune, Mysore, Vellore, Mumbai, Chennai, Coimbatore, Nagpur, Nashik and Manipal, the startup plans to use the capital raised to expand further to other cities, strengthen its risk model and algorithm, cater to new market segments and focus on product diversification.
Commenting on his company’s latest investment, Shirley Mao, investment director at Xiaomi Technologies, said, “The Indian demography has a large population of urban young adults that spends a lot online and offline. For such an enormous ecosystem, the need for urgent personal finance for purchase requirements is underserved. A focus on tech-based credit evaluation and compliant sourcing of funds can help capture and penetrate this market.”
KrazyBee’s mission is to be the convenient connecting bridge between the college-going youth of this country, and their wonderful dreams and aspirations. Its prime focus is to be the source of hassle-free financing for college students to pursue their passion, who are certainly creditworthy but don’t have any convenient options in the market to support them currently.
KrazyBee offers flexible installment-based purchases to young professionals and college students with no credit history or credit cards. It allows e-commerce purchase, cash credit, two-wheeler credit, college semester/tuition fee credit, among others.
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