Micro-lending portal on expansion spree

The company has been primarily operating in 5 cities (Bengaluru, Hyderabad, Pune, Vellore and Mysore) and plans to expand to over 11 cities by the end of this year. With over 4,00,000 registered borrowers on its platform, it currently processes over 3,000 loan applications and disburses around 1,700 loans per day. 

Madhusudan E, Founder & CEO said ‘We are currently present in 150+ colleges in Chennai and have 200+ Campus Managers (Student Interns) in the city alone. We serve students in all the reputed colleges here, and will soon be looking at colleges in Kanchipuram and Puducherry as well. Shortly we shall be opening up our services to young professionals working in the city.” “The company is already providing services to the students in Coimbatore and Vellore, and will be following suit in Trichy, Madurai and Cuddalore,” he added. 

KrazyBee recently raised $8 mn 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 $13 mn that includes a Seed Fund of $2 mn and Pre-Series A funding of $3 mn. The latest round of funding will be used for strengthening the risk model & algorithm, catering to new market segments and focusing on product diversification and 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.