More than 77% of our customers are from non-metro cities: KreditBee’s Madhusudan Ekambaram

KreditBee—the Bengaluru-based instant loan provider—has disbursed loans to nearly 1.1 crore individuals in the country so far, with over 77% of them going to non-metro consumers, said Founder Madhusudan Ekambaram.

Over 11 crore people have downloaded KreditBee’s smartphone application, with a large portion emerging from Middle India, Ekambaram said during a fireside chat with YourStory Founder and CEO Shradha Sharma at TechSparks Mumbai.

Middle India accounts for 6-7% of the Indian population. However, most of the market remains to be served, Ekambaram said.

“The part of the market which is eligible to seek credit is very large, making it a big opportunity,” he added.

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KreditBee also focuses on catering to small and medium businesses (SMBs) in India fuelled by the middle class. “The middle class’ idea of raising money is generally from friends and family or money lenders. KreditBee is trying to formalise the process of securing loans,” the founder said.

Ekambaram noted that while housing loans tend to be the ultimate goal for the middle class, the first step is to build a formal channel of credit.

KreditBee continues to have high retention, according to the founder, with 30% of customers acquired five years ago still taking credit.