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Poonawalla Fincorp forays into digital consumption loans space

Poonawalla Fincorp forays into digital consumption loans space

Poonawalla Fincorp will offer small ticket personal loans to individuals under this partnership, as per a BSE filing

Cyrus Poonawalla-backed NBFC intends to do over Rs 1,000 crore of disbursement in the current fiscal year under this partnership. Cyrus Poonawalla-backed NBFC intends to do over Rs 1,000 crore of disbursement in the current fiscal year under this partnership.

Cyrus Poonawalla group promoted non-banking finance company (NBFC) Poonawalla Fincorp has made inroads into the digital consumption space through a tie-up with a non-deposit taking NBFC KrazyBee.

Poonawalla Fincorp will offer small ticket personal loans to individuals under this partnership, as per a BSE filing. The company said, “This partnership is a step towards building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. The partnership provides complete end to end digital consumer loans across the country.”

Cyrus Poonawalla-backed NBFC intends to do over Rs 1,000 crore of disbursement in the current fiscal year under this partnership.

KrazyBee CEO Madhusudan E noted, “Partnering with a Digital first partner like Poonawalla Fincorp helps us offer a wide range of products and services to our customers and also enables us to meet the ever-growing demand for digitally enabled loans.”

Poonawalla Fincorp Managing Director CA Abhay Bhutada called the partnership a natural fit to Poonawalla Fincorp’s stated business strategy of focusing on consumer and small business finance.
Bhutada, furthermore, underscored, “We are glad to partner with KrazyBee for new business opportunities and connecting with prospective customers through KreditBee’s digital platform. We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit to our business strategy.”

KrazyBee Services Private Limited is a non-deposit taking non-banking finance company (NBFC) registered with the Reserve bank of India. KrazyBee along with its technology platform and country’s largest consumption based personal loan platform KreditBee commands over 20 per cent market share of NBFC-fintech disbursement in India.