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IndusLaw, Eversheds advise Xiaomi, Shunwei Cap with K Law on $8m for microlending platform KrazyBee

Bengaluru-based microlending startup KrazyBee, operated by Finovation Tech Solutions, has raised Rs 52 crores (around $8m) through a Series A equity and debt financing round led by Xiaomi Technologies and venture capital firm Shunwei Capital, along with participation from Mumbai-based Essel Group’s E-city Ventures and RK Group, as reported by Economic Times and VC Circle. Since inception, Krazybee has raised a total funding worth $13m, including the latest round. The firm had previously raised $2m from Chinese companies Fenqile and YeahMobi in June 2016 followed by a $3m pre-Series A financing from Plum Ventures and other investors.

IndusLaw acted as the Indian legal counsel for Xiaomi Singapore and Shunwei Capital in the transaction, and were led by partners Srinivas Katta and Winnie Shekhar, senior associate Gayatri Menon, and associates Sanjana Ramkumar, Siddhesh Iyer and Anantha Krishnan Iyer.

Singapore-based Eversheds Harry Elias acted as the international legal counsel for Xiaomi Singapore and Shunwei Ventures, and were represented by partner Sze-Hui Goh and senior legal associate Gerald Goh.

K Law represented Finovation Tech Solutions and KrazyBee Services, led by partner Abhinav Singh along with senior associate Puneet Parihar.

Founded in 2015 by former Huawei employees Madhusudan E and Wan Hon, KrazyBee provides flexible installment-based purchases exclusively to college students with no credit history and currently operates in Bengaluru, Hyderabad, Pune, Mysore, Vellore, Mumbai, Chennai, Coimbatore, Nagpur, Nashik and Manipal. It was also reported that the latest round of funding will be used by the company to focus on product diversification and geographical expansion.

2017-11-07

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