Financial market place BankBazaar.com, on Thursday raised Rs 375 crore ($60 Million) in its Series C 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 Series C funding round.
The funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships and to creating an end-to-end customer experience.
BankBazaar is a one-stop online solution for personal finance products including insurance policies, bank loans and credit card offers.
BankBazaar is also investing heavily in its mobile app. The app, available on both the Android and iOS platforms, helps consumers access financial products and also manage their finances better.
BankBazaar.com also plans to launch other personal finance products to help consumers ‘clinch best deals’. The company is increasing the depth of its portfolio offerings and has signed on more than 23 bank partners to give a wide range of options to the consumer.
“With the rapidly evolving online consumer segment across categories, we have seen great demand for this platform. We are currently looking to expand the category as we reinvest all earnings in growing the business intelligently,” said Adhil Shetty, Chief Executive Officer, BankBazaar.com.
BankBazaar.com is focusing on made-for-mobile web service and mobile platforms in order to enable larger connect with the audience. Presently, 40% of the users connect to BankBazaar through smartphones. Additionally, online loan applications across home, personal and auto loans are growing by 90%, compared to 15% growth in offline.