Bonfleet Solutions Pvt. Ltd.

lendingonline loans

FOUNDING YEAR: 2016
LOCATION: India
Last Update: 01/05/2020

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About

Bon facilitates digital credit through Bon cards for workers in the gig economy, like taxi drivers and other contractors. Most of the participants of the gig economy do not have a definite earning or a financial history thereby making it difficult for them to get access to financial services. Bon resolved this by creating a card with a cashless expense management app to help them manage their work expenses such as fuel, service etc and work more reliably with no hassle of money.

Focus

PRODUCTS & SERVICES

Bon is addressing the acute need of liquidity by this growing segment of people with an offering that has the flexibility of a credit card coupled with a convenient expense management tool app. By controlling the entire stack, from customer acquisition to repayment facilitation, Bon is helping gig workers to build resilience while nudging them to better financial behaviors.

REVENUE MODEL

We have issued close to 200,000 loans. 60% users have at least one active loan per month. We have over 1000+ cards issued to other smaller partners sharing around 25% of the disbursement portfolio. Both sets of customers combined we have disbursements over $0.3 million monthly.

PRIMARY PROBLEM SOLVED

Less than 1% of India has credit cards. Self-employed, entrepreneurs, and workers of the gig economy lack access to financial services in form factors that salaried employees get. Bon was created to bring financial services to workers of the gig economy like taxi drivers, delivery boys, plumbers to beauticians, contractors and the self-employed who are currently being under-served and thus, enable financial inclusion.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$0 - $99k

ACTIVE USERS:

30,000

ACTIVE USERS COMMENT:

We have issued close to 200,000 loans. 60% users have at least one active loan per month. We have over 1000+ cards issued to other smaller partners sharing around 25% of the disbursement portfolio. Both sets of customers combined we have disbursements over $0.3 million monthly.

People

FOUNDERS

Bhasker "Bosky" Kode

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Axilor Ventures

India Syndicate

OMIDYAR NETWORK

COMMENT:

Bon is a team of 45 employees working across 10 cities. We at Bon share values, attitudes, standards,,beliefs that characterize our organization,defines its nature. Bon’s culture is rooted in our goals, strategies, structures,,approaches to customers, investors, the community, employees,the gig economy.

Momentum

FUNDED

NO

DATE OF LAST FUNDING

Sep 2018

LISTED

NO

For Investors

FUNDING NEEDED:

$8 M

USES OF FUNDS RAISED:

1. International Expansion

MONTHS LEFT WITH CURRENT CASH BURN RATE:

25 months from 12 Jun, 2019

COMPETITORS:

CreditOne

Innovation Programs

BASICS

FOUNDING YEAR:

2016

LOCATION:

India

Views:

386 VISITORS | 1510 VIEWS

About

Bon facilitates digital credit through Bon cards for workers in the gig economy, like taxi drivers and other contractors. Most of the participants of the gig economy do not have a definite earning or a financial history thereby making it difficult for them to get access to financial services. Bon resolved this by creating a card with a cashless expense management app to help them manage their work expenses such as fuel, service etc and work more reliably with no hassle of money.

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Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

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Bonfleet Solutions Pvt. Ltd.

About

Bon facilitates digital credit through Bon cards for workers in the gig economy, like taxi drivers and other contractors. Most of the participants of the gig economy do not have a definite earning or a financial history thereby making it difficult for them to get access to financial services. Bon resolved this by creating a card with a cashless expense management app to help them manage their work expenses such as fuel, service etc and work more reliably with no hassle of money.

Focus

PRODUCTS & SERVICES

Bon is addressing the acute need of liquidity by this growing segment of people with an offering that has the flexibility of a credit card coupled with a convenient expense management tool app. By controlling the entire stack, from customer acquisition to repayment facilitation, Bon is helping gig workers to build resilience while nudging them to better financial behaviors.

REVENUE MODEL

We have issued close to 200,000 loans. 60% users have at least one active loan per month. We have over 1000+ cards issued to other smaller partners sharing around 25% of the disbursement portfolio. Both sets of customers combined we have disbursements over $0.3 million monthly.

TOP PROBLEM SOLVED

Less than 1% of India has credit cards. Self-employed, entrepreneurs, and workers of the gig economy lack access to financial services in form factors that salaried employees get. Bon was created to bring financial services to workers of the gig economy like taxi drivers, delivery boys, plumbers to beauticians, contractors and the self-employed who are currently being under-served and thus, enable financial inclusion.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

1. Bon has already facilitated 2 lakh loans disbursing. We plan to scale up to $10M/month run rate in 12 months. 2. Bon’s key growth strategy is through partnerships with gig economy marketplaces, whose contractors have high frequency small ticket working capital requirements. These alliances usually result in extensive co-marketing which helps Bon in acquiring customers at a rapid pace. 3. Through such partnerships we have scaled to 10 cities in 12 months. Using a combination of robust scalable technology and key strategic partnerships we have ambitions to scale up to all major Indian cities with foreign markets already in sight with capability to replicate similar models in international markets. 4. Our proprietary customer scoring algorithm helps our banking partners to lend with ease. Using our scoring model as a pillar to drive scale we have ambitions to be the number one credit card for the un-bankable sector.

KEY DIFFERENTIATORS

Bon has multiple competitive advantages which give us an edge over other players in the market: 1. Cutting-edge technology: Our proprietary disbursement, reconciliation and collection technology helps banks and NBFC’s lend at ease through our platform. 2. Asset light: Bon lends through NBFCs’ books and does not require merchant acquisition or heavy operational costs due to POS enabled solutions which already exists with all merchants. 3. Real-time scoring system: We have the world’s most real-time credit scoring system. Every customer is assessed every 100 hours and a new credit limit is devised for him through our proprietary customer scoring algorithm. 4. Automation: Our completely automated customer on-boarding model works through a closely monitored feedback loop. The ease of the on-boarding process gives the ability to handle 100 on-boardings daily with only 3-4 employees. 5. Merchant data: We decide where users are allowed to use their cards. We can control usage and pricing for different merchants based on pre-agreed conditions with the customer. On top of that, we have proprietary data on purchase intent, swipes and declines. Using these processes as pillars to drive scale, Bon is lending to the under-served segment without increasing their dependency on credit.

PRIMARY CUSTOMER TYPE

Small and Medium Business - Physical Retail

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

SaaS

Back Office

Customer facing

STRATEGIC CLIENTS AND PARTNERSHIP

Routematic : Client

People

FOUNDERS

Bhasker "Bosky" Kode

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO: Bhasker Kode

CTO: Jayesh Nachnani

FOUNDER: Bhasker "Bosky" Kode

TEAM COMMENT:

Bon is a team of 45 employees working across 10 cities. We at Bon share values, attitudes, standards,,beliefs that characterize our organization,defines its nature. Bon’s culture is rooted in our goals, strategies, structures,,approaches to customers, investors, the community, employees,the gig economy.

INVESTORS:

Axilor Ventures

India Syndicate

OMIDYAR NETWORK

Momentum

FUNDED

NO

TOTAL FUNDING:

$1.2 M

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed Sep 2018 --- USD1.2 M at a USD5 Mvaluation Comment on Seed Omidyar Network, Axilor Ventures & Better Capital’s AngelList India Syndicate are a part of Bon family and has helped Bon nurture and thrive towards growth exponentially

Comment on Valuation

As of January, 2018 OMIDYAR NETWORK Axilor Ventures Better Capital’s AngelList India Syndicate.