Krazy Bee to reach out 3 lakh students in extending loan facility
Business

Krazy Bee to reach out 3 lakh students in extending loan facility

Hyderabad, Sep 12: Krazy Bee, a micro-lending platform will reach out to 3 lakh students in extending loan facility by the end of the Financial Year 2018-19, Company COO Gowrinath Raghava said on Tuesday.

Speaking to newsmen after launching second edition of HedNxt Sartup Fest 2018 here, Mr Raghava said that the company has launched in 2016 and it has presence in 35 cities of seven states in the country including Gujarat, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana.

The company is also planning to expand its foot print to some other parts of the country soon, he said. Raghava said so far, the company had extended loan facility to 2 lakh college students during the last three years and expected to reach out 3 lakh students by the end of this fiscal.

He said that the company has invested 13 million so far. It had extended loans worth of Rs 145 crore during 2017-18 and expecting to extend loans worth of Rs 1000 crore in his financial year because it is growing 5-6 times more this year as compared to the last financial year. The loan amount range between Rs 1500 to Rs 2 lakhs, he said.

While explaining about the HedNext Startup Fest 2018, Raghava said the student centric start-up fest will be held in association with WPS to encourage the entrepreneurial aspirations of college-going students as well as entrepreneurs who have just begun their entrepreneurial journey. KrazyBee aims to bring all aspiring entrepreneurs to come under one umbrella and showcase their ideas which have the potential to create a change for a better tomorrow. It will also provide a special platform for college students to showcase their entrepreneurial ideas, and the best idea even stands a chance of getting funding”, he said.

Raghava said the top 3 startups would be rewarded with prize money of Rs 3 Lakh each from WPS and ten startups handpicked by Xiaomi will be incubated by Mi-Incubator for 16 weeks. The three best startups under the ‘Social Impact’ category will get prize money Rs 1 Lakh each from Welike as well.The registration for college students is open until September 30. The first list of selected startups will be released on October 5, post which the selecting committee will meet these startup owners in their respective cities. On October 20, the final list of the top 30 startups will be released. The Finale is scheduled to take place in Bangalore on October 26 and 27, he added.

Billy Cheng, Vice-President of WPs Global Business, Manav Jain, Director, Marketing, and BD from Welike also present on the occasion. (UNI)