“We are actively working towards a risk algorithm that helps us achieve a system-generated decision on every profile, and we are optimizing that further in terms of efficiency & accuracy. Also, being in the Fintech space, compliance is the key and hence, we follow all the regulations very strictly,” added Madhusudan.
Shirley Mao, Investment Director at Xiaomi Technologies
KrazyBee's current portfolio includes e-commerce purchase, cash credit, two-wheeler credit, college semester/tuition fees credit among others. The current segment being served comprises of young professionals and UG/PG students under the age of 30. KrazyBee currently has more than 3 Lakh registered users out of which over 50,000 active confirmed users are using the platform regularly. KrazyBee currently operates in close to 800 colleges in India. In each of these colleges, they have one or more student Campus Managers, depending on college strength. Currently there are nearly 1000 Campus Managers across all the cities. Apart from having an Android & iOS app of KrazyBee for customers (with 3 Lakh + installations), KrazyBee has an app exclusive to its army of Campus Managers. This app is used by the CMs to do the customer KYC. The UX is very seamless, and helps CMs close the entire KYC within 150 seconds. KrazyBee has also come up with an option for the customers to e-verify themselves after completing their profile. All they needs is their phone number to be linked to their Aadhaar Card.
KrazyBee raised 2M USD in Seed Round during June 2016 from Fenqile (the largest micro-lending platform for young adults in China) and VC Firm YeahMobi. During December 2016, KrazyBee raised a Pre-Series A funding of US$ 3M from VC Firm Plum Ventures (followed by seed round investors). The micro-lending platform has been operating across Bangalore, Hyderabad, Pune, Mysore and Vellore, and has recently expanded to Mumbai, Chennai, Coimbatore, Nagpur, Nashik and Manipal. As of today, it processes nearly 1700 loan applications every day, and boasts of an NPA score of less than 1%. Till date, a credit line of over Rs 150 Crore has been rolled out by KrazyBee in less than 18 months, out of which over 50% has been utilized. The average size of an e-commerce purchase via the platform is close to Rs 12,000.
