<article>Bangalore-based microlending platform <a href="https://www.dealstreetasia.com/?s=Krazybee" target="_blank" rel="noopener">KrazyBee</a> has secured $8 million in a Series A funding round led by China&#8217;s smartphone maker <a href="https://www.dealstreetasia.com/?s=Xiomi+Technologies" target="_blank" rel="noopener">Xiaomi Technologies</a> and VC firm <a href="https://www.dealstreetasia.com/?s=Shunwei+Capital" target="_blank" rel="noopener">Shunwei Capital</a>.</article>

Bangalore-based microlending platform <a href="https://www.dealstreetasia.com/?s=Krazybee" target="_blank" rel="noopener">KrazyBee</a> has secured $8 million in a Series A funding round led by China&#8217;s smartphone maker <a href="https://www.dealstreetasia.com/?s=Xiomi+Technologies" target="_blank" rel="noopener">Xiaomi Technologies</a> and VC firm <a href="https://www.dealstreetasia.com/?s=Shunwei+Capital" target="_blank" rel="noopener">Shunwei Capital</a>.
RK Group and E-City Ventures also took part in the round, the company said in a statement today. The funding raised is a mix of equity and debt.
Last year in June, KrazyBee, which is run by Finovation Tech Solutions Pvt Ltd, <a href="https://www.dealstreetasia.com/stories/india-digest-myseniordoctor-com-krazybee-intgrea-raise-funding-grant-thornton-acquires-part-of-rmc-global-43494/" target="_blank" rel="noopener">raised</a> $2 million from Chinese companies Yeahmobi and Fenqile. It had also received $3 million in a pre-Series A round from Plum Ventures and other investors.
“The Indian demography has a large population of urban young adults that spend a lot online &amp; offline. For such an enormous ecosystem, the need for urgent personal finance for purchase requirements is highly underserved. An appropriate focus towards tech-based credit evaluation and compliant sourcing of funds can help capture and penetrate this market big time,&#8221; said Xiaomi Technologies Investment Director Shirley Mao.
Founded in 2015, KrazyBee provides flexible instalment-based purchases exclusively to college students with no credit history. The company has operations across cities such as Bengaluru, Hyderabad, Pune, Mysore and Vellore, Mumbai, Chennai, Coimbatore, Nagpur, Nashik and Manipal.
It will use the fresh proceeds for strengthening its risk model and core algorithm, geared towards catering to new market segments and focusing on product diversification.
In the recent past, fintech startups such as CrediFiable, EarlySalary, Shubh Loans, KNAB Finance, Billionloans Financial Services and others have raised funding.
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<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-digest-myseniordoctor-com-krazybee-intgrea-raise-funding-grant-thornton-acquires-part-of-rmc-global-43494/" target="_blank" rel="noopener">KrazyBee gets $2m seed funding from 2 Chinese firms</a>

KrazyBee has secured $8 million in a Series A funding round led by China's smartphone maker Xiaomi Technologies and Shunwei Capital.

India: Microlending firm KrazyBee raises $8m led by Xiaomi, Shunwei Capital

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India: Microlending firm KrazyBee raises $8m led by Xiaomi, Shunwei Capital

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