KrazyBee, Indian FinTech startup based out of Bangalore, has raised $2 Million in Seed Funding from Fenqile (Micro Loans Lender Company from China) and YeahMobi (Chinese mobile advertising network). The raised capital will be used to expand the team and reach in more cities, along with launching a mobile app and revamping the R&D to build a better risk evaluation system based on the history of transactions.
KrazyBee was founded in 2015 by Wan Hong and Madhusudan. It is a platform helping students to buy anything from the eCommerce websites on easy monthly installments. The startup plans to focus on the students and build a merit based credit score system to enable them make use of the service in an efficient way.
Madhusudan has worked as the lead of business development for Chinese smartphone manufacturer, Huawei. He boasts of over 5 years of experience in personal finance.
Speaking on the investment, Wang Hong stated that India has over 30 million college students currently and the number is expected to grow to 65 million in next 4 years. eCommerce market is well known to the students, however, at times, they are in the need of things which they can not buy in a single shot. KrazyBee is trying to tap the same segment and looking to help as many students as they can with their mission.
The startup states that majority of the products purchased from its platform include electronic devices like phones, cameras and accessories and at the same time, the students even go for branded watches, clothing, apparel and shoes. It has partnered with almost all the notable names in Indian eCommerce space and boasts of completing over 10,000 transactions within the first month of operations.