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<ul><li><keyword id="6553953" type="UNKNOWN" weightage="20" keywordseo="creditbee">CreditBee</keyword> is reportedly <keyword id="874458" type="LOCATION" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword>’s new <keyword id="3088449" type="PERSON" weightage="20" keywordseo="micro-lending">micro lending</keyword> platform in India. </li><li>Experts expect India’s <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> industry to double in the next two years.</li><li>The service will issue <keyword id="1628688" type="PERSON" weightage="20" keywordseo="micro-loans">micro loans</keyword> at a 3% rate of interest for a period of 90 days. </li></ul>Chinese smartphone maker Xiaomi is launching their new lending platform in India. The micro-lending product is named CreditBee since the service has been launched in partnership with <keyword id="3538270" type="PERSON" weightage="20" keywordseo="KrazyBee">KrazyBee</keyword>. The company has yet to make an official announcement, but a source speaking to <a href="https://tech.economictimes.indiatimes.com/news/internet/xiaomi-launches-its-first-lending-product-in-india/64282329">ETtech</a> claimed that the platform is already live and the company will officially unveil it in the coming weeks. Microloans are essentially loans of small value issued at a low rate of interest. Over the past couple of years, it’s become quite an attractive <a href="https://www.moneycontrol.com/news/business/personal-finance/7-emerging-lending-options-you-should-explore-to-raise-funds-2566149.html">alternative</a> for under-represented groups or start-ups, who don’t necessarily require a huge loan. On CreditBee, consumers will be able to avail loans <a href="https://inc42.com/buzz/xiaomi-launches-lending-product-creditbee-with-krazybee/">starting</a> from ₹1,000 to ₹100,000. The term of the loans is 90 days, at an interest rate of 3 percent. Their target audience is salaried professionals who need short-term, small amount loans. KrazyBee, Xiaomi’s partner for this venture, is amongst the companies Xiaomi invested in. It was only last year that they <a href="https://tech.economictimes.indiatimes.com/news/startups/krazybee-raises-8-million-from-xiaomi-tech-and-others/61111187">led</a> an $8 million round for the company, which is based out of Bengaluru. And now, Xiaomi may even be <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/articleshow/63675367.cms">looking</a> into making a second investment in the fintech industry with <keyword id="6414960" type="UNKNOWN" weightage="20" keywordseo="ZestMoney">ZestMoney</keyword>. ZestMoney is the company that fuels EMI-loans on Mi.com at the moment. Reports <a href="https://tech.economictimes.indiatimes.com/news/mobile/xiaomi-is-in-advanced-talks-to-pick-up-stake-in-zestmoney/63675487">indicate</a> that the former is looking to raise around $20 million through Xiaomi and its existing investors, like PayU. It’s not surprising that Xiaomi is looking at the fintech industry. The company already has a few lending platforms back home in China. Also, it had <a href="https://www.techradar.com/news/xiaomi-plans-to-launch-6-new-smartphones-expand-its-non-smartphone-portfolio-in-2018">indicated</a> earlier that it would like to expand its business beyond the smartphone arena and build a non-smartphone portfolio. With the country’s demographic dividend hitting its peak, more and more products are being targeted towards salaried individuals. Experts <a href="https://www.financialexpress.com/economy/economic-boom-in-india-coming-soon-massive-number-of-consumers-eligible-for-credit-heres-what-it-means/1175548/">speculate</a> that there are nearly 150 million consumers who aren’t 'credit active' right now but are eligible to turn into retail credit borrowers. Their analysis suggests that tapping into that potential could result in big growth opportunities for companies in the lending industry, which in turn will provide a boost to the economy. That being said, India has <a href="https://www.foxbusiness.com/markets/the-10-countries-where-people-save-the-most-money">historically</a> been a savings oriented nation, though that trend has been slowly been <a href="http://www.ey.com/Publication/vwLUAssets/ey-the-battle-for-the-indian-consumer/$File/ey-the-battle-for-the-indian-consumer.pdf">reversing</a> since the dawn of liberalisation and privatisation in 1992. With the fintech software market set to <a href="http://www.nasscom.in/knowledge-center/publications/fintech-india-global-growth-story">double</a> to $2.4 billion by 2020 from the current $1.2 billion, the transformation will only gain momentum. Currently, India is the biggest market for Xiaomi, second only to China. The company’s Indian operations even <a href="https://economictimes.indiatimes.com/tech/hardware/xiaomi-turns-profitable-in-third-year-in-india/articleshow/61954734.cms">started</a> turning a profit in FY 2017, which marked Xiaomi’s third year in the country with sales of around ₹8,379 crore.

After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population. "With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures. Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI). The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months. The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

<ul><li><keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> has raised ₹200 million in venture debt from <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>’s firm <keyword id="7578713" type="UNKNOWN" weightage="20" keywordseo="bacq">BACQ</keyword>. </li><li>Earlier in March 2019, Milkbasket had announced the acquisition of Veggie India for an undisclosed amount. </li><li>The grocery space has been heating up in India, with Bigbasket joining the unicorn club and unicorn startup Swiggy having entered the segment.</li></ul><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder Sachin Bansal is back in the news. Bansal’s firm BACQ has invested venture debt worth ₹200 million into Milkbasket – a grocery delivery startup. Bansal, through BACQ, had earlier made an investment in digital lending platform Krazybee and a personal investment in Ola technologies. Venture debt is a type of debt financing given to early stage companies. "Milkbasket is now working on the next set of innovations to further consolidate its market leader position across it’s fresh (fruit &amp; vegetables) offering, automating the daily delivery supply chain and reducing go to market time for multi-city expansion. These funds would provide us the needed CAPEX and R&amp;D investments in all the three domains.” Anant Goel, co-founder and CEO, Milkbasket added. In March 2019, Milkbasket had acquired one-year-old startup Veggie India for an undisclosed amount. With the acquisition, the founders of the Noida-based Veggie India Jainendra Upadhyay and Shailendra Upadhyay as well as all of their employees had joined Milkbasket. The Gurugram-based startup Milkbasket had earlier raised about $16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures at a <a href="https://www.vccircle.com/mayfield-leads-milkbasket-s-extended-series-a-round/">reported</a> valuation of $30 million. According to CRISIL, the online retail market in India is expected to grow 250% to touch ₹1.8 trillion by 2020 fiscal. The Indian grocery market has become a hot sector with bigwigs joining in the race. Milkbasket, which earlier focussed on delivery of milk and dairy products, had expanded its business to begin grocery delivery. Foodtech unicorn Swiggy too had announced its entry in the segment with Swiggy stores. One of the leaders in the space, Bigbasket had joined the unicorn club in March 2019 with a $2.3 billion valuation. See Also: <a href="https://www.businessinsider.in/bigbasket-joins-unicorn-club-with-a-fresh-investment-of-150-million/articleshow/68624890.cms">Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation</a> <a href="https://www.businessinsider.in/milkbasket-strengthens-to-take-on-rivals-swiggy-and-bigbasket-acquires-veggie-india/articleshow/68590658.cms">Four years into the business, Milkbasket has acquired one-year-old startup Veggie India</a>

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After conquering the smartphone space, Xiaomi now wants to enter India’s fintech industry

Prabhjote Gill

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

IANS

Sachin Bansal adds more to his cart, invests ₹200 million in Milkbasket

Sanchita Dash

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