BankBazaar.com, an online financial marketplace in India with Amazon as one of its key investors, will foray into international market starting with Singapore and later into Malaysia, Philippines and UAE.
BankBazaar.com, a seven-year-old firm providing paperless financial services for an array of products with 50 lakh visitors a month has roped in Standard Chartered veteran Aman Narain as the chief executive officer for the international markets.
Adhil Shetty, co-founder and CEO BankBazaar.com, said, “We have built a platform which has proven itself and it is capable of extending globally where similar opportunities present.”
BankBazaar.com will start with Singapore and further expand to whole of Asia.
“Today opportunities exist for made in India products abroad,” Shetty said. The funding requirement for this overseas expansion will be done through internal accruals as it is very capital light set up. BankBazaar.com in its last round of funding in July, 2015 raised $60 million led by Amazon India with participation from Fidelity Growth partners and Mousse Partners. Its existing investors Sequoia and Walden International also participated.
Shetty said it would not require any funding as of now and in the likely next round it will look for a partner which is a strategic fit rather than financial.
On the India market, the co-founder said that the potential is very large with enough headroom for growth, adding, “this can grow 10x from the current level.”
BankBazaar.com has a wide variety of financial products from over 50 of the public and private sector banks, NBFCs, and insurance companies in India.