Online financial marketplace
BankBazaar.com today raised Rs 375 crore ($60 million) in its series C round of
funding led by Amazon with participation from Fidelity Growth Partners and
Mousse Partners. Existing investors Sequoia Capital and
Walden International also participated in this round of funding.
BankBazaar CEO
Adhil Shetty said: "As the digital
economy in India develops, Amazon will be an important investor in the robust and rapid growth of BankBazaar.”
“This investment from Amazon,
Fidelity Growth Partners & Mousse Partners reposes faith in our vision and gives us strength to achieve…It will reinforce our leadership in the country’s online financial market place, as we aim to simplify the sourcing of best financial services - be it loans, credit cards and other personal finance products – for consumers,” he said.
The company will also invest to upscale its marketing and branding efforts. The capital will be utilized for technology integration, hiring and strengthening partnerships.
BankBazaar is also investing heavily on its mobile App. The App delivers a more customized, stable and seamless experience to the consumer. The App, available both on
Android &
iOS platforms, not only helps consumers get financial products, but also teach them how to manage their finances.
The company is increasing the depth of its portfolio offerings and has signed more than 23 bank partners to give the widest range of options to its consumers.
Amazon India vice president and country manager,
Amit Agarwal said: “It gives Amazon great confidence that BankBazaar is led by an innovative team of visionaries who lay emphasis on things that matter to customers and have a long term focus. Amazon looks forward to working with them and supporting their growth.”
"With the rapidly evolving online consumer segment across categories, we have seen great demand for this platform. We are currently looking to expand the category as we re-invest all earnings in growing the business intelligently," Shetty said.
The company which started in 2008 with a focus on loans, said that online loan applications across home, personal and auto loans are growing by 90%, compared to 15% growth in offline.
(Image: BankBazaar.com)
