KrazyBee raises USD 8M to expand its student-focused micro-lending platform

Online micro-lending platform KrazyBee raises USD 8 M

KrazyBee

Founders: Madhusudan E., Hong Wan (Chinese)

Founded in: 2015

Financing status: USD 8 million for undisclosed round in 2017

Bangalore-based micro-lending startup KrazyBee has raised USD 8 million in a Series A round led by Xiaomi Technologies and Chinese venture capital fund Shunwei Capital. The funding raised was a combination of equity and debt, with participation from Essel Group’s E-City Ventures and RK Group.

KrazyBee was founded in 2015 by Madhusudan E. and Hong Wan (Chinese). The two both worked for China’s leading information and communication technology solution provider Huawei previously. Madhusuda served as the head of product management of e-commerce business with a MBA education background of Canada’s Rotman School of Management. Hong worked as the overseas e-commerce operation delivery manager. Hong Wan graduated from China’s Wuhan University and held MBA of Australia’s Edith Cowan University.

KrazyBee is an online micro-lending platform for college students. It enables students to make purchase online and pay back later via flexible monthly payments. The startup provides financial aid for student to make e-commerce purchases, offers two-wheeler loan for both first-hand and second-hand deals, and gives semester loan through Paytm recharge and its student credit card service PayCard. KrazyBee has partnership with India’s leading e-commerce platforms like Amazon, Flipkart, Paytm, Myntra etc. It claims to have expanded to eight Indian cities within its first year of operation, such as Bangalore, Hyderabad, Mumbai, Pune, Delhi, Manipal, Vellore and Mysore.

The startup will use the newly raised investment to increase the loan book, strengthen its technology, and expand to more cities.

(Top photo from Pixabay)

AllTechAsia Staff

AllTechAsia is a startup media platform dedicated to providing the hottest news, data service and analysis on the tech and startup scene of Asian markets in English.

© 2022 All Tech Asia. All Rights Reserved.

AllTechAsia is a startup media platform dedicated to providing the hottest news, data service and analysis on the tech and startup scene of Asian markets in English. Contact us: info@alltechasia.com


%d bloggers like this: