Poonawalla Fincorp enters digital consumption loans space with KarzyBee; stock spurts ~2%

19 Apr 2022 , 01:52 PM

Poonawalla Fincorp Limited has expanded into digital consumption loan space through a tie up with KrazyBee. As part of this partnership, Poonawalla Fincorp strives to offer small ticket personal loans to individuals. The company’s main focus is on consumer and small business finance as a part of its stated strategy.

This partnership is a new milestone in building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. The partnership looks forward to providing complete end to end digital consumer loans across the country.

The partnership has seen a lot of traction within a month of its launch and the company aims to do more than Rs1,000 crore of disbursement in the current financial year.

KrazyBee Services is a Private Limited non-deposit taking Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. KrazyBee along with KreditBee that is its technology platform and India’s largest consumption based personal loan platform have command over more than 20% market share of NBFC — Fintech disbursement in India.

Poonawalla’s stock was trading 1.74% higher at Rs338.50 against its previous close of Rs332.70 on NSE. It touched intraday high and low of Rs343.80 and Rs336 respectively. It was trading near its 52-week high of Rs343.80 in today’s trade.