Mumbai: Financial market place, BankBazaar.com, raised Rs 375 crore ($60 million) in its Series C round of funding led by Amazon and included Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated in the Series C funding round.
With this round of investment, BankBazaar plans to grow the pie of consumers looking for financial products online and be a thought leader in making it simple for consumers seeking financial products in India, said CEO of the firm, Adhil Shetty.
A leader in the online loan and credit card market, it plans to also 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 to give the widest range of options to the consumer, available online and via its Android & iOS apps.
Mr Shetty said the funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships and to create a truly phenomenal end-to-end customer experience in order to grow in the online financial services category as a market leader. It will also invest to upscale its maBankBarketing and branding effort to reach out to a larger number of consumers and create a house-hold financial services brand in India.
