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Indian micro-lending startup KrazyBee has reported a striking 113% increase in its revenue, soaring to Rs 717 crore in the fiscal year 22-23, compared to Rs 336.6 crore in the preceding year.
The Bengaluru-based startup has not only witnessed a surge in its revenue but also encountered a rise in its overall expenses, which escalated by 114% to Rs 631.58 crore from Rs 295.48 crore in the previous fiscal year.
Despite the hike in expenses, the company managed to generate a net profit of Rs 65.09 crore in FY22-23, a substantial increase from a net profit of Rs 28.79 crore in the prior year.
A closer look at financial details
Diving deeper into the financial intricacies, KrazyBee's total income also witnessed a 113% surge, reaching Rs 719.08 crore in FY22-23 from Rs 336.87 crore in FY21-22.
The company’s authorised share capital witnessed an augmentation, escalating from Rs 1.5 crore to Rs 1,011 crore in the 2022-23 financial year.
Furthermore, the company issued and allotted 3,89,649 0.001% non-cumulative Series D compulsorily convertible preference shares, each priced at Rs. 18,000, which were fully subscribed and paid up. As of 31st March 2023, the company's issued, subscribed, and paid-up share capital was positioned at Rs 702.49 crore.
Moreover, KreditBee has plans to increase its assets under management to over $1 billion within the forthcoming six to nine months.
What are the offerings of KreditBee?
Founded in 2016, KreditBee offers credit and other personal finance services through its registered non-banking financial company (NBFC), Krazybee Services Pvt Ltd.
The startup offers multiple types of personal loans, online/offline checkout finance and digital gold. Borrowers can apply for a personal loan starting from Rs 1,000- Rs 4 lakh as per their requirement, with tenures ranging from 2 to 15 months.
The company has set its sights on diversifying its product offerings by introducing an array of financial services, including insurance, BNPL (buy-now-pay-later), credit score reports, and merchant-side offers.
The platform addresses credit and personal finance requirements through its in-house RBI-registered NBFC, Krazybee Services Private Limited, and has forged partnerships with over 10 financial institutions.
KreditBee's $80 million funding round
In January 2023, KreditBee secured the second tranche of $100 million of its $200-million Series D funding from Advent International in January, achieving a valuation of approximately $680 million.
In March this year, KreditBee partnered with the digital payments solution provider PayU to offer customers the flexibility to convert online purchases ranging between Rs 2,400 and Rs 2 lakh into easy, cardless EMIs during checkout.
Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments, are some of the notable investors in the fintech startup.
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