BankBazaar has raised an investment of $60 Million (Rs. 375 crores) 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 funding round. Amazon has purchased minority stake in the startup.
The raised funds will be used for technology integration, hiring, strengthening partner relationships and to create a better customer experience in order to grow. The company will also invest to upscale its marketing and branding effort to reach out to a larger number of consumers and create a house-hold financial services brand in India.
Founded in July 2008 by Rati Rajkumar, Bankbazaar is a neutral online marketplace that gives its users instant customized rate quotes on loans and insurance products. A user can instantly search for, compare and apply for loans, credit cards and insurance products. The service is available for both Android and iOS users, which helps consumers get financial products with ease and also educates and helps them manage their finances better.
The company also has future plans of launching personal finance products to help consumers clinch the best deals. It has also partnered with more than 23 bank partners to give the widest range of options to the consumer, available online and via its Android & iOS apps.
In January 2014, the company had raised an investment of $13 million from Sequoia Capital and Walden International. The company raised its first investment round in March 2011 of $6 million from Walden International.