Bon

Bon

Bon facilitates short-term, small credit-based loans to workers in India's 'gig' economy.

Founded in 2016 by CEO Bhasker Kode aka 'Bosky', Bon aims to provide credit solutions to those in India's gig economy. 'Gig' economy workers are defined as self-employed workers, taxi or ridehsare drivers and goods delivery drivers. Speaking on the gig economy, Bhasker 'Bosky' Kode said:

In India, where credit cards are not pervasive, this issue is even more prominent, as people don't really have a safety net to rely on when they don't have cash on hand.

Bon does not provide credit. The loan comes from two non-banking financial companies (NFBCs) Kudos Finance and Aphelion Finance. Workers can apply for the credit card through Bon's app, which uses an algorithm to asses a customer around past earnings, percentage of cash versus digital earnings, history of a customer on Bon's platform, where they live and their past use of credit.

The cards are issued by MasterCard. And the loans range from Rs 800 to Rs 5,000, issued weekly at 2% interest with a 30 day term. The loans are available only for work expenses. For example, a driver can only use their loan for fuel, repair, servicing or other designated purpose.

Bon achieves this through in-house backend software, which calculates the credit score of the user, the attainable credit limit, risk profile, the merchant and the merchant category code to decide of the transaction is accepted or rejected.

Funding

Seed

In September of 2018, Bon announced the conclusion of their seed round for $1.1 million. The round was led by Omidyar Network and included investment from Axilor and Better Capital's AngelList India Syndicate.

Timeline

People

Name
Role
LinkedIn

Ali Hafizji

Investor

Bhargav Kunnamkode

Investor

Bhasker Kode aka Bosky

Founder

Dilip Patharachalam

Investor

Faizan

Employee

Nandan Saha

Investor

Pankaj Goyal

Investor

Punit Thakker

Advisor

Roj Niyogi

Investor

Roshan Upadhyay

Employee

Sachin Unni

Investor

Shamik Sharma

Investor

Sree Sivanandan

Investor

Srikrishnan Ganesan

Investor

Ujjwal Dahiya

Employee

Vaibhav Domkundwar

Investor

Venkata Ramana

Employee

Yash Soni

Employee

Further reading

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Documentaries, videos and podcasts

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Companies

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News

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August 28, 2019
WebWire
BON & VIV set up the ultimate #SeltzerShowdown: when faced with a polygraph challenge, would 50 people tell the truth with $1,000 on the line? Out of 50 participants (young adults, ages 25-39) polygraphed, 46 participants either preferred BON & VIV Classic over White Claw Pure or were caught lying about their preference. Only four people truthfully stated that they preferred White Claw Pure. Curious how it all went down? To catch the fibs on film, check out the video here. "We're so con...
June 25, 2019
WebWire
Washed up vodka sodas killing your warm weather vibes with flavorless basicness? This summer, BON & VIV Spiked Seltzer is calling on bored souls everywhere to end the VS BS with a refreshing proposal to ban basic and choose a great-tasting better basic. Avocado toast, flower crowns and vodka sodas - basic, basic and more basic! For far too long, folks have settled for these typical go-tos - with vodka soda being the blandest offender. BON & VIV Spiked Seltzer wants to put those boring,...
Conde Nast
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www.prnewswire.com:443
LAS VEGAS, Feb. 13, 2019 /PRNewswire/ -- Vegas Uncork'd by Bon Appétit today announced tickets on sale for the 13th annual culinary festival May 9-12,...

References

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