BankBazaar, an online financial marketplace which provides you instant quotes on bank loans, has raised $60 million in its Series C round of funding from U.S. eCommerce giant Amazon, along with the participation of Fidelity Growth Partners and Mousse Partners.
Existing investors of the the company – Sequoia Capital and Walden International have also participated in this latest round. With fresh cash inflow, the company is planning to spend funds on technology integration, hiring new talent, to strengthen its partner relationships and to create a better customer experience.
Founded in July 2008 by Rati Rajkumar and Adhil Shetty, Bankbazaar is an online marketplace which gives instant customized rate quotes on loans and insurance products. You can search for, compare and apply for loans, credit cards and insurance products. It has signed up with more than 23 bank partners. It claims to have more than 5,00,000 customers who are happy with its loan and cards service.
Earlier, in January 2014, the company raised about $13 million from Sequoia Capital and Walden International in its Series B round of funding. Prior to that, it had raised $6 million in March 2011.
It is available for both Android and iOS users, which helps consumers get financial products on their mobile devices with ease. The app also helps you to manage your finances in a better way. The company claims that online loan applications across home, personal and auto loans are growing by 90%, compared to 15% growth in offline.
Adhil Shetty, co-founder & CEO of BankBazaar, said,
Amazon is an innovative company that perceives consumer needs and innovates on their behalf. As the digital economy in India develops, Amazon will be an important investor in the robust and rapid growth of BankBazaar. 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.
Gautam Mago, Managing Director, Sequoia Capital, said,
The company has made great strides in the last two years and become the premier consumer destination for financial products. With this fund raise, BankBazaar plans to innovate even more to provide the best and fastest experience for consumers.
For Amazon, this is its second investment in the country. Last year, Amazon’s Asia subsidiary invested $10 Million in QwikCilver Solutions, a gift card technology and retail firm.