BankBazaar plans to hire 500 by March 2021 to support business expansion

Sangeetha Chengappa Bengaluru | Updated on November 11, 2020 Published on November 11, 2020

Majority of new hires to be for product, technology, customer service domains across levels plans to add 500 new hires by March 2021 to support business expansion. The new hires will join all BankBazaar locations in Chennai, Bengaluru and Mumbai, taking its total headcount to over 1,300 employees.

Majority of the 500 hires would be for the product, technology and customer service domains across levels as BankBazaar looks to accelerate innovation and enable faster integration of Digital KYC and analytics solutions, the two key growth drivers for the company.

Also read: Choice International buys Bank Bazaar’s MF distribution business

“We believe that FY21 will be a year of growth despite the challenges as India adopts contactless processes more than ever. We are positive about hiring and are looking to welcome professionals who are culturally and technically fit to meet our organisation’s high growth goals,” said V Sriram, Chief HR Officer, BankBazaar. Along with increased hiring, the company has also paid out bonuses for FY20 to eligible employees and is rolling out salary increments and promotions across all levels, effective January 1, 2021.

The online financial product marketplace and free credit score provider had a great run in the first five months of H2-FY20 and was trending to hit EBITDA positivity when Covid-19 hit in March 2020. In FY21, despite temporary setbacks due to the pandemic, it retained the growth momentum with six months of straight revenue growth, without any additional cost-cutting or reduction in employee strength during the pandemic.

The company attributes this growth to their first-mover advantage in facilitating contactless digital KYC solutions for credit products, including credit cards, personal loans and home loans, in addition to its AI and ML predictive matching technology that connects customers with the right financial products. At present, it is at 70 per cent business recovery compared to its peak pre-Covid-19 revenue, and has plans to scale up its digital KYC offerings to facilitate contactless access to credit for its customers.

Adhil Shetty, co-founder and CEO, BankBazaar, said: “Our performance in the last seven months underscores the strength of our technology and our ability to help our partners in their journey towards an entirely contactless lending process. Achieving such great results in tough times would not have been possible without our investors’ trust in BankBazaar and its vision, and our brilliant team which has pulled out all stops time and again to make BankBazaar synonymous with innovation and disruption. We are continuing to see an increase in the demand for digital alternatives, and we are readying ourselves with a bigger and more diverse team to drive the next phase of growth and profitability at BankBazaar.”

Also read: South India leads in Digital KYC adoption; metros ahead of non-metros

In February, the company raised a bridge round of ₹45 crore in financing from a new investor WSV ― a joint venture fund of Walden International and Korean company SKTA, along with its existing investors, including Amazon, Sequoia India, Experian and Eight Roads. Including this recent round, BankBazaar has so far raised $116 million from investors, such as Experian, Eight Roads, Sequoia India, Walden International, WSV, and Amazon.

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Published on November 11, 2020
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