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BankBazaar.com, India's leading multi-brand financial product comparison platform, today announced that it has raised Rs.80 crores in a financing round led by Sequoia Capital. Existing investor, Walden International has also participated in this round. The funding will enable the company to educate consumers about its unique 7 minute loan approval process, launch a new portfolio of insurance and savings products, launch new banks on the platform as banking licenses are issued and drive the growth of its mobile platform that allows consumers to obtain real time quotes on their smartphones.
BankBazaar.com helps consumers research, choose and obtain the right financial products online. A consumer today is exposed to a far greater number of choices for each financial product because of the proliferation of service providers in a market that is upwards of Rs.4,00,000 crores. In such a scenario where discovering the right financial products is a challenge, BankBazaar.com is helping India's 150M, and growing internet users understand and navigate the market effectively.
Adhil Shetty, CEO, BankBazaar.com said, “While bank loans are expected to grow 15% in the current fiscal year ending March 2014, we are seeing a 90% year on year increase in online loan applications. Since our last round of funding we have doubled the number of banks offering financial products on our platform, added information on savings products and launched a mobile product for smartphones. This funding will allow us to introduce new product offerings and expand our consumer base. We are excited to partner with Sequoia Capital as their experience and knowledge of the local market will be a key differentiator as we embark upon our next phase of growth”
While most online financial portals operate in referral mode where they capture phone numbers and sell them to 5-6 different banks and agents, BankBazaar.com is the only comparison website offering real time approval for loan applications. Similar applications through offline channels such as brokers, dealers and agents require 7 days for processing.
We have known the BankBazaar.com team for many years and what has always struck us is their dynamism and determination to solve the consumer's pain points. They are great technologists focused on using technology to make the process more efficient, for example, they have successfully integrated with banks systems, and other databases to create a platform that not only generates personalised results but also allows for pre-approved offers, said Gautam Mago, Principal, Sequoia.