CHENNAI, India, January 17, 2014 /PRNewswire/ --
Funding will help
the company launch new products and increase its consumer base
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
http://www.bankbazaar.com/m that allows consumers to obtain real
time quotes on their smartphones.
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(Logo:
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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 Capital.
About BankBazaar
BankBazaar.com is a leading neutral online marketplace that
gives you instant customized rate quotes on financial products. You
can instantly search for, compare and apply for home loans, car
loans, personal loans, educational loans and credit cards, on our
site, and also access tools to review savings and insurance
products. Since we partner with India's leading financial institutions, you
have to look in only one place to get a great deal:
BankBazaar.com.
Our goal is to make it easy for everyone to get a great deal on
a loan, savings or an insurance product. On BankBazaar.com, you can
easily compare the total costs of the offers made to you, and get
access to unbiased customers' ratings of financial institutions. We
want to make it easy for you to have a lot of options, to take a
well-informed decision when choosing which product to apply for and
to do all this instantly! And best of all, BankBazaar.com's
services are completely free.
For more information please visit:
http://www.bankbazaar.com/
About Sequoia Capital
Sequoia Capital in India
currently manages funds capitalized at close to USD 1.4 billion and invests across venture,
growth, and late stage opportunities. It takes a long-term view on
investments and plays the role of an active, value-added partner to
entrepreneurs, business families and management teams. Over the
past 7 years, Sequoia Capital has invested in more than 70
companies in India including
Capillary Technologies, Druva, Justdial, Micromax, Mu Sigma, Pine
Labs, Prizm Payments, Quick Heal and Zomato. Sequoia Capital
operates out of offices in Bangalore, Mumbai, and New
Delhi.
Globally, Sequoia Capital has an unparalleled track record of
partnering with entrepreneurs to create global market leaders.
Sequoia Capital has been an early investor in companies such as
Apple, Cisco, Dropbox, Google, LinkedIn, Oracle, Yahoo, YouTube and
Zappos. Sequoia Capital maintains dedicated teams in USA,
China, India and Israel.
For more information, please visit:
http://www.sequoiacap.com
About Walden International ("WI")
WI is a leading international venture capital firm that provides
investors access to cross-order, IT opportunities with the
advantage of an unrivaled Pan Asia network since 1987. The firm's
funds total over US$2 billion in
committed capital. WI's investments include MindTree Consulting
(BSE: MTCL IN), SINA (NASDAQ: SINA), Semiconductor Manufacturing
International Corp. (NYSE: SMI and HKSE: 0981.HK), AutoNavi
(NASDAQ: AMAP), Inphi (NYSE: INPH), Beceem (acquired by Broadcom),
WebEx (acquired by Cisco), Ndoors (acquired by Nexon Corporation)
and Ambarella Inc (NASDAQ:AMBA). For more information, please
visit http://www.waldenintl.com.
Media Contact details
Abitha Deepak
Content Strategy and Research Head.
Email id: marketing@bankbazaar.com
Ph no. +91-44-66511800-99
SOURCE Bankbazaar.com