KrazyBee reports 113% growth in revenue with a net profit of Rs 65.09 crore in FY22-23

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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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What startups can learn from FrontRow’s failure, according to founder Ishaan Preet Singh

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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KrazyBee reports 113% growth in revenue with a net profit of Rs 65.09 crore in FY22-23

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.

Also Read:

What startups can learn from FrontRow’s failure, according to founder Ishaan Preet Singh

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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