BankBazaar Adds $3.8 Million to Series D
Indian online financial products marketplace BankBazaar has boosted its current Series D round by $3.8 million. The capital comes from Amazon and Walden SKT Venture Fund, who have joined Sequoia, GUS Holdings, and Eight Roads Investments in the round. This week’s investment adds to the $30 million in Series D funds BankBazaar raised in 2017. Fellow Finovate alum Experian is the lead investor in the round.
The investment is also the second time Amazon has put capital in the company, having contributed $60 million to BankBazaar’s Series C round in 2015. The company’s total funding stands at north of $115 million.
BankBazaar offers consumers instant customized rate quotes on financial products like loans, mutual funds, and insurance. BankBazaar’s platform enables shoppers to compare offers and apply for products online as well as via its mobile app. More than 50 of India’s top financial companies and insurance firms are featured on BankBazaar’s platform, which also provides information on personal finance trends and tips on how consumers can manage their finances better.
Founded in 2008 and headquartered in Chennai, India, BankBazaar has been a Finovate alum since 2012 when the company demoed its real-time credit processing platform. Last year, the company announced a partnership with furniture and home products marketplace Pepperfry, teamed up with Ujjivan Small Finance Bank for Personal Loans, and added business cards to its offerings courtesy of a collaboration with Yes Bank.
Earlier this year, BankBazaar CEO Adhil Shetty told LiveMint that the company was “on track” to reach profitability in fiscal 2020 and that he was looking to take the company public “in the next few years.” He added that the company has more than 40 million registered customers and recently experienced an average 46% gain in monthly revenue. This was immediately before the challenge of the coronavirus pandemic became clear to many, a topic the company addressed in an open letter last month.
“Digital demand is only going to increase as consumers seek to minimize all physical interactions during and post COVID-19 and we are working on a war footing to ensure people get safe digital access to credit,” Shetty wrote along with co-founders Arjun (COO) and Rati (CPO) Shetty. “We are actively working with leading industry bodies and lenders to develop deeper digital access, something that will become the new normal in a post COVID-19 world.”
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