Paisabazaar, an online portal & mobile app for comparing financial products, has raised around ₹200 crore from its parent company EtechAces, which also runs insurance products aggregator Policybazaar.
Naveen Kukreja, Chief Executive Officer and co-founder of Paisabazaar, told BusinessLine that the funds will be used to scale up the lending business by tripling the loan amount from ₹360 crore every month last year to ₹1,000 crore per month in 2018.
The company will also invest a part of the amount in brand-building exercises to become a go-to platform for all financial products — excluding insurance, which is handled by its sister arm Policybazaar — and also invest in technology, data analytics and machine learning.
The above news was first reported in The Hindu Business Line.
Founded in early 2014 Naveen Kukreja, Paisabazaar is headquartered in Gurgaon and India’s largest online destination for all kinds of loans, credit cards, and other financial products. Since its inception the company has marked a staggering growth in terms widening its customer base to almost half a million customers.
“We are quite optimistic about the growth of unsecured loans in the Indian market this year. We have a strong loan book in the business and personal loan — ₹260 crore from the total monthly loan disbursal of ₹360 crore.
“We expect this to grow further on the back of smartphone and internet penetration, and digitisation of the KYC process because of Aadhaar,” Kukreja said.
Notably, Paisabazaar is a venture spun out of Policybazaar, an online insurance products comparison site founded in 2008, and Policybazaar has till raised about $146 million in six separate funding rounds. The backers of the company includes Tiger Global, PremjiInvest, Steadview Capital and IDG Ventures, among others.