BankBazaar, one of the leading marketplaces for finance products, has announced the investment of ₹ 10 crores in its Singapore Arm. The Chennai-headquartered company had debuted in Singapore early last year with an initial corpus of ₹1 crore. To further boost its expansion strategies and establish its brand presence, it pumped $750K in the subsidiary September again.
Adhil Shetty, CEO, BankBazaar, told ET that the Singapore arm will use the fresh inflow of funds for creating “brand awareness” of the Singapore marketplace and also for building human resources for the subsidiary, both onshore and offshore.
The Singapore portal – BankBazaar.sg has collaborated with two banks as of yet and the company is seeking to establish its paperless eKYC product in the nation. Also, even though the company already has a website live in Malaysia, it will be setting up another subsidiary in Malaysia later this year. It will be seen fueling in ₹5 crore by the end of this year for the same.
The company has raised $80 million so far from the likes of Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.
BankBazaar is a neutral online marketplace for instant customized rate quotes on loans and credit cards. It providers the users with financial knowledge of a variety of financial products, guiding them to invest the right way. It has partnered with 75 financial institutions and offers 12 different financial products which now includes insurance and mutual funds, etc.
Operated by A&A Dukaan Financial Services, it has been observing a tremendous growth in India. It is also looking forward to expand its services to other Asian and Middle Eastern markets such as the UAE, the Philippines and Indonesia. Talking abut the same, Adhil mentioned,
We are leveraging our IP to scale across these countries, without having to spend on technology resources.
He also said the company aims to witness the contribution of international subisidaries to about 20% of the total revenue by 2020.