bankbazaar funding

bankbazaar_funding

Online financial marketplace BankBazaar.com today announced that it has raised $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 Chennai-based startup will use the fresh funds towards technology integration, hiring and strengthening partner relationships.

Bankbazaar is Amazon’s second investment in an Indian startup. Last year, Amazon had bought a minority stake in QwikCilver, a gift card company, in December.

Co-founded in 2008 by Adhil Shetty, Arjun Shetty and Rati Rajkumar, BankBazaar is an Indian internet-based multi-brand financial product comparison platform, designed to aid applicants with choosing loans and credit cards online, without need of any paper work and offline processing. It operates completely online. Its serves solely to Indian Citizens.

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. Presently, 40 per cent of the users connect to BankBazaar through smartphones, said Bankbazaar in a statement.

Amazon India vice president and country manager, Amit Agarwal said – “It gives Amazon great confidence that BankBazaar is led by an innovative team of visionaries who lay emphasis on things that matter to customers and have a long term focus. Amazon looks forward to working with them and supporting their growth.”

India is a strategic market for online retailer Amazon. The company has pledged to invest $2 billion in the country to tap its growing business for online retailing.

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