BankBazaar.com raises Rs 375 crore in fresh funding round

Financial marketplace BankBazaar.com today announced it has raised Rs 375 crore (USD 60 Million) in a third strategic 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 funding round. The funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships, the company said in a statement.

It will also invest to scale up its marketing and branding effort to reach out to a larger number of consumers, it added. To become more mobile-friendly, BankBazaar is also launching an app, available on both Android and iOS platforms. The company, which offers online loans and credit cards, also plans to launch other personal finance products to help consumers clinch the best deals.

The company is rapidly increasing the depth of its portfolio offerings and has signed on more than 23 bank partners, it said. "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," BankBazaar.com's Chief Executive Officer Adhil Shetty said.

Since the last round of funding, BankBazaar's business model has evolved. The company is focusing on made-for-mobile web service and mobile platforms in order to enable larger connect with the audience, it said. Presently, 40 per cent of the users connect to BankBazaar through smartphones, it said.

Established in 2008, BankBazaar has been a one-stop solution for all personal finance products including insurance policies, bank loans and credit card offers.