KrazyBee records 113% rise in revenue, net profit of Rs 6,509 lakh in FY22-23
The company recorded a revenue from operations of Rs 71,700 lakh in FY22-23, compared to Rs 33,660 lakh in the previous year.
, a micro lending platform, has recorded a revenue of Rs 71,700 lakh from operations in FY22-23 compared to Rs 33,660 lakh in the previous year, at a 113% increase.
The Bengaluru-based company's overall expenses rose 114% to Rs 63,158 lakh from Rs 29,548 lakh in the previous year. It reported a net profit of Rs 6,509 lakh in FY22-23, compared to a net profit of Rs 2,879 lakh in the previous year.
The total income of the company surged 113% to Rs 71,908 lakh in FY22-23 from Rs 33,687 in FY21-22.
The company's authorised share capital increased from Rs 1,50,00,000 to Rs 1011,00,00,000 in the 2022-23 financial year.
The company issued and allotted 3,89,649 0.001% non-cumulative Series D compulsorily convertible preference shares of Rs. 18,000. These shares were fully subscribed and paid up. As of 31 March 2023, the company's issued, subscribed, and paid-up share capital stood at Rs 702,48,62,000.
Krazybee, a NBFC registered with RBI, offers personal loans to customers via the KreditBee app, owned by its group company.
KreditBee, founded in May 2018, is a fintech lending platform focused on providing financial inclusion in India via digital lending solutions in the form of personal loans.
The company plans to diversify its product offering by introducing financial services such as insurance, credit score reports, and merchant-side offers. It also plans to increase its asset under management to over $1 billion within the next six to nine months.
KreditBee serves credit and personal finance requirements through its in-house RBI-registered NBFC, Krazybee Services Private Limited, and partnerships with over 12 financial institutions.
In January, it secured the second tranche of $100 million of its $200-million Series D funding from Advent International, valued at approximately $680 million. Avendus Capital acted as the exclusive financial advisor.
In March, KreditBee partnered with , a digital payments solution provider, to offer customers the option to convert online purchases worth between Rs 2,400 and Rs 2 lakh into easy cardless EMIs during checkout.
KreditBee is backed by Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank, and Mirae Asset Venture Investments.
(The copy was updated to correct a factual error.)
Edited by Swetha Kannan