Poonawalla Fincorp gains on foray into digital consumption loans space

19 Apr 2022 , 09:56 AM

Under this partnership, Poonawalla Fincorp will offer small ticket personal loans to individuals. The partnership provides complete end to end digital consumer loans across the country.

The credit underwriting for these loans is done through a scorecard which enables right customer selection at scale, while the complete digital process helps democratize the process of taking loan.

The company plans to cross Rs 1000 crore of disbursement under this partnership in the current financial year.

KrazyBee Services is a non-deposit taking non-banking finance company (NBFC) registered with the Reserve Bank of India. KrazyBee along with KreditBee which is its technology platform and Indias largest consumption based personal loan platform commands more than 20% market share of NBFC – Fintech disbursement in India.

KreditBee and KrazyBee are supported by well-known investors such as Premji Invest, ICICI Bank and Mirae Asset and has also raised debt from multiple partners such as HSBC, Bank of Baroda & Kotak Mahindra.

Poonawalla Fincorp (Formerly known as Magma Fincorp) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI- NBFC), registered with the Reserve Bank of India (RBI).

The company has AUM of Rs 15,228 crore and employs more than 7,000 people. The companys financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, affordable home loans and general insurance.

Poonawalla Fincorps consolidated net profit soared 642.65% to Rs 96.47 crore on 13.50% decline in total income to Rs 515.80 crore in Q3 December 2021 over Q3 December 2020.

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