BankBazaar.com, a financial market place, has raised ₹375 crore in Series C funding from a clutch of funders, led by Amazon. Fidelity Growth Partners and Mousse Partners besides existing investors Sequoia Capital and Walden International also participated in this round of funding.
The company will use the money on technology integration, to hire and strengthen partner relationships and to brand itself to become a household financial services brand.
BankBazaar is investing heavily on its mobile app. The BankBazaar App, available on both the Android and iOS platforms, helps customers receive financial products, educates and enables them to manage their finances.
The company plans to launch other personal finance products to help customers get best possible deals. It has signed on more than 23 bank partners to give a wide range of options to its customers.
Adhil Shetty, Chief Executive Officer, BankBazaar.com, was quoted in a release as saying that with the online consumer segment evolving rapidly, there was a great demand for its platform. “We are currently looking to expand the category as we reinvest all earnings in growing the business intelligently.” The latest round of investment reposes faith in the founders’ vision.
According to the company, the number of transactions on its platform has grown five times since the last round of funding. The company is focusing on made-for-mobile web service and mobile platforms to enable larger connect with the audience. At present, 40 per cent of users connect to BankBazaar through smartphones; online loan applications across home, personal and automobile are growing by 90 per cent compared with 15 per cent in the offline space.