The Bangalore-based startup launched two years ago to offer affordable credit and loan products to India’s students and young professionals to help them build a credit score.
“The need for urgent personal finance for purchase requirements is highly underserved,” says Shirley Mao of Xiaomi Technologies, which led KrazyBee’s Series A round.
E-city Ventures and RK Group also participated. KrazyBee was launched in 2015 and offers financial products like cash credit, financing for two-wheel vehicles, and tuition fee credit.
KrazyBee offers its own products and six other microlenders also use its platform. The startup has disbursed over $23 million in credit over the last 18 months.
Most of KrazyBee’s customers are under 30; its average line of credit is $185.