Poonawalla Fincorp partners KrazyBee, targets Rs 1,000 crore digital loans in FY23 | India Business News

MUMBAI: Poonawalla Fincorp Limited (Formerly Magma Fincorp), has entered the digital consumption loans space through a tie-up with KrazyBee a tech-driven lending platform. Under this partnership, Poonawalla Fincorp will offer small ticket personal loans to individuals.
Poonawalla Fincorp focuses on consumer and small business finance as a part of its stated strategy. The company said that this partnership is a step towards building a strong partnership with partners who have demonstrated distribution at scale, and risk management capabilities along with their technical prowess.
The loan disbursement will be end-to-end digital with the credit appraisal being done through a scorecard which enables can identification of creditworthy customers. The partnership has been in place for a month and given the success, the partners aim to disburse over Rs 1000 crores in the current financial year.
“We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit for our business strategy,” said Abhay Bhutada, managing director, Poonawalla Fincorp.
KrazyBee Services Private is registered with the Reserve Bank of India as a non-deposit taking Non-Banking Finance Company (NBFC). KrazyBee along with KreditBee which is its technology platform and India’s largest consumption-based personal loan platform has over 20% market share of NBFC – Fintech disbursement in India the company said.
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 said Said Madhusudan E, CEO, KrazyBee.

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