We’ve all been through the college life, which is a blend of bittersweet memories. Apart from just the academics, most of us during our college days would get allured by the glitzy trends that were being followed within our campus- from owning the latest glossy iPhone to sporting the hottest digital watch and much more. Well, not everyone gets lucky when it comes to buying the newest gadgets or anything coveted.
In order to make every college student’s dream of owning anything and everything come true, a sagaciously planned venture known as Krazybee was launched. Unlike before, college students today can buy their desired smartphones, laptops, cameras or any other electronic gadgets at best prices. All he/she needs to do is access KrazyBee and choose products from an array of retail websites and buy it on an EMI basis by providing the basic documents.
What is the Craze about Krazybee?
Also known as India’s first online installment store for students, Krazybee was launched in the year 2016, with an aim to bring about a transformation in the life of college students, in terms of affording the desired electronic gadgets. It is evident that electronic gadgets are additionally used by almost all the college students for an array of purposes; such as completing assignments, creating presentations, finishing photography assignments and much more. Since all of these academic tasks require the usage of electronic devices, most students are reliant on their parents to have access to them. Apart from constantly seeking their parents’ approval to use these gadgets, a lot of them are also unable to afford them. This is where the initiation of Krazybee comes to them as a stroke of luck.
Krazybee was initiated by an IIM and NIT alumni along with the partnership of a Chinese professional, with a vision to contribute towards the fulfillment and aspirations of the present day college-going millennials. The venture’s sole mission is to let the college-going crowd have easy affordability of the latest electronic gadgets that are required for their studies, through their hassle-free financing options. Doing this also helps the college students to pursue their exceptional dreams, thereby helping them in their professional choices.
Furthermore, Krazybee ensures to sell 100% original products that are offered after a short seamless verification process with convenient doorstep delivery and safe, secure payment. However, products via Krazybee are offered to the students based on the merit system which will be used to evaluate a student’s capability of repaying the EMIs. Also, the venture does not offer its products based on the credit history or the ownership of a credit card of a student.
How can the Student Bees buy Products through Krazybee?
As a student, one has to register himself on the Krazybee app. Once he registers, the verification process begins with the help of a set of documents and details. This verification process is completed within few hours. The student can then choose his/her desired product from retail websites like Amazon, Flipkart, Myntra etc., and paste the product link on the Krazybee ‘Product Search’ tab. Once the product details are displayed through the link, the buyer can view the product price, along with its description, the EMI options, the down payment and the tenure. A nominal interest rate is charged for every transaction made.
However, the app does not restrict an individual from buying just student-related products. He can buy anything ranging from apparel to home appliances etc.
Any college going student above the age of 18 from any of Krazybee’s listed colleges can buy the products. In order to find out about the listed colleges on Krazybee, the buyer can check while creating his/her profile, wherein the listed colleges will be displayed in the drop down list. However, if a buyer’s college is not listed on the platform, he/she can contact the team at Krazybee who will work towards getting the college registered. However, the portal also runs student-related intercontinental campaigns online to help them win various training classes abroad.
Who are the Prime Bees Behind the Launch of Krazybee?
The Bengaluru-based student micro-loan start-up was launched by Madhusudan and Wan Hong with the help of Chinese investors. The start-up is administered by another Bengaluru-based firm known as Finnovation Tech Solutions Pvt. Ltd.
Talking about Madhusudan’s academic background, he holds a Bachelor’s Degree in Engineering, from The National Institute of Technology, Karnataka. Professionally, he has earlier worked with the popular Chinese firm, Huawei as a Business Development Lead. Additionally, he also has a substantial amount of experience in mobile development and personal finance. He has also launched an e-commerce portal in 9 countries of South East Asia.
Similarly, Wan Hong holds a degree from Wuhan University and has earlier worked with Huawei too for more than 8 years. The other team members at Krazybee include graduates from reputed universities such as IIM Bangalore, IIM Indore and National University of Singapore.
What Inspired the Bees at Krazybee for its launch?
Like mentioned earlier, the founders at Krazybee put their ideas into action in order to help the college-going millenials. Since it is very obvious that college-going students face many credit issues, they are restricted from buying the necessary gadgets that help them in attaining success in their academics. The key reason that inspired the founders at Krazybee was the fact that very fewer students could afford the Huawei products where the founders earlier worked. It so happened that a lot of students liked the Huawei products but the only barrier was affording them. Also, most students showed the willingness to buy if they were given the EMI option. Therefore, these factors led to the launch of the venture.
The Funding of Krazybee
Until date, Krazybee has raised a seed funding amount of about $2 million through two of the major Chinese firms. The companies that have invested in Krazybee are Yeahmobi, a Chinese mobile ad network firm and Fenqile, a micro-loan e-commerce company. However, the funds received by these Chinese companies will be used by Krazybee to expand its services to various other cities, alongside improving the venture’s risk evaluation model.
The two Chinese investors feel that Krazybee has the potential to reach heights in the coming months and hence are looking forward to make increased investments in the Indian market. The venture holds an authorized share capital of Rs. 10,000 with a paid capital of Rs. 100,000.
The EMI procedure
Talking about the monthly payment of the EMIs, Krazybee ensures to send gentle reminders to help the buyer pay on time. The EMI option is offered to the buyer with not just the buyer’s details and documents, but also the available internal information. The EMI is offered in different tenures.
- Krazybee has various tie-ups with numerous giant retail websites and acquires a product margin between 2-12% depending on the product category.
- Their business model revenue generation depends on the product margin and interest rates.
- Until date, the venture has reached about 10,000 registrations and has covered about 25 colleges.
- They have a dedicated offline team, and a set of students in every college who work as campus managers who verify the required documents within a span of 24 hours.
- Apart from relying on the student’s merit, Krazybee also considers the demographic factors and the type of college a student is studying in.