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Chennai-based online market place bankbazaar will invest over ₹30 crore in the current financial year to grow its international business, Adhil Shetty, co-founder and CEO, said here on Wednesday.
“We hope to scale up our international business to 20 per cent (of revenue) by the end of this financial year,” Shetty said during a press conference to mark the 10th anniversary of bankbazaar.
The company currently has overseas presence in Singapore and Malaysia, which contributes about 10 per cent of its revenue. “We are in the process of adding a fourth country by the end of this financial year,” Adhil added.
“The biggest challenge for bankbazaar is not from any other fintech firms, but from the traditional way of accessing financial products,” said Adhil, and added that Indian consumers, particularly millennials, are moving from the old ways of accessing financial products to the new way via mobile phones.
New index
Commemorating its 10th anniversary, bankbazaar launched the ‘Aspiration Index 2018 – Decoding Indian Millennials’, in association with Kantar IMRB, to understand Indian millennials from a personal finance perspective.
The bankbazaar Aspiration Index survey, with a sample size of 1,550 respondents in the age group of 25-30 years across 12 major cities, was an exercise to analyse the hopes and desires of millennials based on six goals – wealth, fame, image, relationships, personal growth and health.
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