What is KrazyBee? KrazyBee Review, Features

KrazyBee is a consumer finance platform that provides installment loan services to college students in India. It aims to provide installment services to college students in India. It mainly sells 3C products such as smartphones, digital cameras, and mobile accessories, and also sells branded clothing, shoes, watches, etc.

About KrazyBee

• Founded in 2015, KrazyBee is an installment payment platform for college students in Bangalore, India.

• KrazyBee's founder is Wan Hong, who graduated from Wuhan University and worked at Huawei India for more than 10 years. Madhusudan E was previously the business development director of China Telecom and Huawei.

• KrazyBee currently has more than 100 employees, all of whom are Indian except Wan Hong. KrazyBee is one of the most successful companies in replicating and localizing Chinese business models.

• KrazyBee provides such a platform, providing students with small cash loans to help them buy what they want or solve urgent needs. Indian students dare not default because default will be included in the citizen credit system.

Business Model

KrazyBee's business model is actually quite interesting. Their service targets students, providing them with education and consumer loan services, so that students can buy electronic devices such as mobile phones, laptops, cameras or TVs. However, the company has obtained a license for non-bank financial companies in India, so it can also provide loan services.

Management Team

KrazyBee's main way of acquiring customers is to do ground promotion through university managers. Wan Hong's approach is to set up university managers in each school. University managers are part-time positions. Generally, they are college students of the school with strong social skills. In many cases, they are the president of the student union. Students who do management are more suitable to be university managers. Their main responsibility is to open up schools through offline methods. After selecting a good school, they recruit university agents in the school, and the university agents will then promote in the school. Wan Hong said that KrazyBee can sponsor a lot of their expenses, let them help organize activities, and participate in some school cultural festivals, so that the internal resources of the school can be mobilized.

Financing

-In June 2016, KrazyBee received a seed round of financing of US$2 million, led by Fenqi Le, followed by Xiangfeng Changqing and Cyber ​​Carrier, a US dollar fund focusing on India.

-In December 2016, it received a US$3 million pre-A round of financing from Plum Ventures, a Chinese angel investment firm.

-In October 2017, Indian micro-loan platform KrazyBee received $8 million in Series A funding, led by Shunwei Capital, owned by Chinese mobile phone manufacturer Xiaomi and its CEO Lei Jun, with participation from E-city Ventures and RK Group. This round of financing included both equity financing and bond financing.

-In April 2019, KrazyBee announced that it had completed a new round of financing of 100 crore rupees. Investors included BAC Acquisitions owned by Flipkart founder Sachin Bansal, UnifiAIF, non-banking financial company BRD Securities and Northern R Capital.