Poonawalla Fincorp entered the digital consumer lending space through a partnership with KrazyBee, to offer small personal loans to individuals, the company said.
Poonawalla Fincorp focuses on consumer and small business financing as part of its strategy. The combination between the two entities is a step towards building a solid pact with partners who have demonstrated large-scale distribution and risk management capabilities as well as their technological prowess.
“We are a technology-driven, digital-focused lender, and this partnership with KrazyBee fits naturally into our business strategy. The partnership brings together two lenders who are obsessed with customer satisfaction and want to provide the best customer experience to all of their customers by leveraging technology,” said CA Abhay Bhutada, MD, Poonawalla Fincorp, quoted in a statement.
The partnership with KrazyBee provides comprehensive end-to-end digital consumer lending across the country. The partnership has seen great success in the month since its launch and the company expects a disbursement of over 1,000 crore in the current financial year.
“Our technological strength enables our partners to provide seamless disbursement services,” said Madhusudan E, CEO of KrazyBee.
KrazyBee Services is a non-bank financial company that does not take deposits. KrazyBee, together with KreditBee, which is its technology platform and the largest consumer-based personal lending platform in India, holds over 20% market share of NBFC – Fintech disbursements in India. KreditBee and KrazyBee are backed by strong equity investors such as Premji Invest, ICICI Bank and Mirae Asset and have also raised debt from several partners such as HSBC, Bank of Baroda and Kotak Mahindra.