Pre- series A round funding of Buddy has pumped up the organisation for further enhancement of the company. In its funding round, the company has manged to acquire US $500K funding from Blume Ventures with participation from Tracxn Labs.
As per the officials, company will be utilising the raised amount to expand its reach and to launch new product features. Founded in 2015 by Rajan Bajaj and Deepak Malhotra, the company supports students with loans for e-shopping and company claims that Students have used Buddy for purchasing products such as mobile phones, laptops, cosmetics and footwear in the price range of Rs 1,000- Rs 90,000.
Commenting on funding, Deepak Malhotra said, “We want to be the leader in providing student credit scores by leveraging the latest technology tools for e-verification, payments and fraud detection using data science and machine learning algorithmic models.”
The Buddy works on a simple platform. It provides a podium for students to search the product and also displays monthly payment options along with the payment details. Students can opt for their preferred payment option and can crack the deal by submitting their ‘student Id’.