Poonawalla Fincorp ties up with KrazyBee, intends Rs 1,000-crore digital loan in FY23

Poonawalla Fincorp has entered the digital consumption loan space through a partnership with KrazyBee, to offer small ticket personal loans to individuals, the company said.

Poonawalla Fincorp focuses on consumer and small business finance as a part of its strategy. The tie-up between both the entities is a step towards building a strong pact with partners which have demonstrated distribution at scale, and risk management capabilities along with their technology prowess.

“We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit to our business strategy. The partnership brings together two lenders which are obsessed with customer satisfaction and want to offer the best of customer experience to all their customers by leveraging technology,” CA Abhay Bhutada, MD, Poonawalla Fincorp, was quoted saying in a release.

The partnership with KrazyBee provides complete end-to-end digital consumer loans across the country. The partnership has seen a lot of traction within a month of its launch and the company projects disbursement of more than `1,000 crore in the current financial year.  

“Our technology strength empowers our partners to provide seamless disbursement services,” Madhusudan E, CEO, KrazyBee said.

KrazyBee Services is a non-deposit taking non-banking finance company. KrazyBee along with KreditBee which is its technology platform and India’s largest consumption-based personal loan platform commands more than 20% market share of NBFC – Fintech disbursement in India. KreditBee and KrazyBee are supported by strong equity investors such as Premji Invest, ICICI Bank and Mirae Asset and have also raised debt from multiple partners such as HSBC, Bank of Baroda & Kotak Mahindra.

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