KrazyBee, a micro-lending platform, has reported a remarkable financial performance for the fiscal year 2022-2023, showcasing a substantial growth in revenue and profitability. The Bengaluru-based company’s revenue from operations surged to Rs 71,700 lakh in FY22-23, marking an impressive 113% increase compared to the previous year’s figure of Rs 33,660 lakh. This substantial growth reflects the company’s successful efforts in expanding its lending operations.
However, the growth wasn’t limited to revenue alone; the company also witnessed a significant increase in expenses, which rose by 114% to Rs 63,158 lakh from Rs 29,548 lakh in the previous fiscal year. Despite this substantial rise in expenses, KrazyBee achieved a commendable net profit of Rs 6,509 lakh in FY22-23, compared to a net profit of Rs 2,879 lakh in the preceding year.
The company’s total income mirrored its robust growth, registering a 113% increase to reach Rs 71,908 lakh in FY22-23, compared to Rs 33,687 lakh in FY21-22. KrazyBee’s financial strength is further highlighted by its substantial increase in authorized share capital, which expanded from Rs 1,50,00,000 to Rs 1011,00,00,000 during the 2022-23 financial year. Additionally, the company issued and allotted 3,89,649 0.001% non-cumulative Series D compulsorily convertible preference shares of Rs. 18,000, all of which were fully subscribed and paid up.
As of March 31, 2023, KrazyBee’s issued, subscribed, and paid-up share capital stood at Rs 702,48,62,000. KrazyBee, registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI), operates by providing personal loans to customers through the KreditBee app, which is owned by its group company.
KreditBee, established in May 2018, operates as a fintech lending platform with a primary focus on facilitating financial inclusion in India through digital lending solutions, particularly personal loans. The company has ambitious plans to diversify its product portfolio, including introducing financial services such as insurance, credit score reports, and merchant-side offers. KrazyBee also aims to expand its assets under management (AUM) to over $1 billion within the next six to nine months.
KreditBee serves the credit and personal finance needs of customers through its in-house RBI-registered NBFC, Krazybee Services Private Limited, as well as through partnerships with more than 12 financial institutions. Earlier this year, in January, KreditBee secured the second tranche of its $200-million Series D funding, amounting to $100 million, from Advent International. This funding round valued the company at approximately $680 million. Avendus Capital played the role of exclusive financial advisor in this transaction.
In March, KreditBee entered into a partnership with PayU, a digital payment solutions provider, enabling customers to convert online purchases ranging from Rs 2,400 to Rs 2 lakh into convenient cardless EMIs during the checkout process. KreditBee has garnered substantial support from prominent investors, including Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments.
