Company Name : Buddy
Funding Amount : $500,000
Investor(s) Blume Ventures, TracxnLabs
Funding Round : Pre-Series A
Bangalore based student microlending startup, Buddy has raised a Pre Series A funding round of $500,000 from Blume Ventures, TracxnLabs and other Angels.
Buddy enables college students to buy e-commerce products via short- and long-term payment plans, which they otherwise would be unable to purchase. Buddy currently has partnerships with India’s e-commerce players including Flipkart, Amazon and Snapdeal.
The company was founded in October 2015 and officially started operations in January. The startup currently has presence across 100+ colleges across Bangalore, and has 5000 active students on its platform over the last 6 weeks of operations, claims the company.
Buddy also has a mobile app, which provides students with an added mode of interaction.
Through this funding round, Buddy aims to expand on its credit risk & technology team in order to build the necessary infrastructure to support the rapid growth. The startup also looks towards building a stronger presence in colleges through offline marketing channels that will enable them to capture a major proportion of the online spending of students.