NBFC and Fintech startup Krazybee has appointed former Executive Director (ED) of Reserve Bank of India G Gopalkrishna as an independent director.
The Bengaluru based startup said in its official press release that Mr. Gopalakrishna will bring a wealth of financial experience for the company. The press release said “Gopalakrishna been a career Central Banker with RBI for over 33 years in various capacities. He was overseeing the Department of Banking Supervision, Dept. of Non-Banking Supervision and Foreign Exchange Department among others”
The company further informed that “he was later appointed as Director, Centre for Advanced Financial Research and Learning (CAFRAL) promoted by RBI (2014-17).”
Gopalakrishna retired as Executive Director (ED) of RBI in 2014 and currently serves on boards of a few other financial institutions and companies.
Commenting on his appointment Gopalakrishna said “Financial inclusion in a diverse demographic in India is the need of the hour. What impresses me about Krazybee Services Private Limited is not just the social sensitivity they have showcased by extending the credit line to consumers which are underserved largely by banking institutions & traditional NBFCs, but also the austerity with which they have managed their business and operations.”
Talking about the latest development, incumbent NBFC Director Vivek Veda said, “We are delighted to have Mr. G Gopalakrishna on our Board. His strong supervisory and regulatory background and significant experience in the finance industry will help the company achieve its ambition of becoming a trusted and performance-oriented consumer lending NBFC for all associated stakeholders.”
Krazybee has so far raised $27.3 Mn from several funding rounds, according to data analytic platform Crunchbase. The startup had hit the headlines last year after it came to the light that the company is raising more than 100 Cr debt funding from Sachin Bansal’s Navi Technologies.
The company claims that its loan and credit products have served more than 2.2 Mn customers. The company’s loan products primarily include personal loans with period ranging between 2 and 15 months, with ticket size going up to Rs. 2,00,000.
Another leading NBFC & fintech startup Aye Finance has just recently raised $10 Mn debt funding.