BankBazaar Raises 375 Cr Investment Led by Amazon
BankBazaar.com, a financial marketplace, raised Rs 375 crore in 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 the Series C funding round.
"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 reinvest all earnings in growing the business intelligently," said Adhil Shetty, Chief Executive Officer, BankBazaar.com
The funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships and to creating a truly phenomenal end-to-end customer experience in order to grow in the online financial services category as a market leader. The company will also invest to upscale its marketing and branding effort to reach out to a larger number of consumers and create a house-hold financial services brand in India.
BankBazaar is also investing in mobile App. The App delivers a more customized, stable and seamless experience to the consumer. The BankBazaar App, available on both the Android & iOS platforms, not only helps consumers get financial products with ease, but also educates them and helps them manage their finances better.
"With this fund raise, BankBazaar plans to innovate even more to provide the best and fastest experience for consumers", said Gautam Mago, Managing Director, Sequoia Capital.
Since the last round of funding, BankBazaar's business model has evolved. The number of transactions on the platform have grown five times since then. The company is actively expanding its product portfolio and depth of its partnerships in each product line. The company is also focusing on made-for-mobile web service and mobile platforms in order to enable larger connect with the audience. Presently, 40 per cent of the users connect to BankBazaar through smartphones. Additionally, online loan applications across home, personal and auto loans are growing by 90 per cent, compared to 15 per cent growth in offline.