A Beijing-based electronic company, Xiaomi well-recognized for making affordable smartphones now launched its credit line in India with CreditBee product together with KrazyBee, lending platform.
According to the source’s information, Xiaomi’s new product named CreditBee has already gone live and soon will be officially announced in few weeks. Xiaomi’s product is supposed to be a payday loan starting from $14.66 up to $1466.11 for three months and will be extended at 3% interest per month.
KrazyBee said, “Xiaomi has lending products across segments in China, and it will look to replicate some of them here as well.”
Last year, Xiaomi invested in student lending KrazyBee and about to make its second investment in the Fintech. Xiaomi, as well as KrazyBee, did not comment on it, however, Xiaomi’s Indian unit turned profitable in FY2017.
As everyone knows, Xiaomi is currently one of the significant smartphone brands after taking over South Korean giant Samsung. In October 2017, Xiaomi led a funding round of $8 Mn in KrazyBee and it has plans to invest $1 Bn in 100 Indian start-ups over the next years.
After China, India is the second biggest market for Xiaomi where the company selling other electronics products like smartwatches, air purifiers, water purifiers, power banks and many more. The Chinese giant to extend its portfolio alongside its venture pail influence it to appear like the organization may have a promising future in the Indian market.