BankBazaar, a neutral online marketplace that gives instant customized rate quotes on loans and insurance products, announced that it has raised Rs 45 crore Series D1 funding from new investor WSV – a joint venture fund of Walden International and Korean company SKTA.
Existing investors including Amazon, Sequoia India, Experian, and Eight Roads also took part in the financing round. Till now BankBazaar has raised $116 million in funding from investors.
In a statement, the company said the latest capital raise is part of BankBazaar’s Series D1 equity financing round, and the proceeds are earmarked for accelerating the delivery of contactless personal finance products and business expansion in India.
Commenting on the investment, Adhil Shetty, CEO, BankBazaar, said, “BankBazaar has spent the last decade in building world-class infrastructure to enable Indians access financial products online from leading lenders across the country. In the post-COVID-19 world, the demand for contactless finance is going to grow exponentially, and this round of funding will help us accelerate our plans to implement contactless access to credit. This round of funding reiterates our investors’ trust in our vision of contactless finance as the future of personal finance and in our ability to make it a reality.”
“BankBazaar is creating the ‘Credit Karma’ of India with leading edge technology, a stellar team, and the support of an incredible set of strategic investors. We can’t wait to see how they help revolutionize the Indian financial services sector,” added Andrew Kau, General Partner with WSV.
“BankBazaar has always been focused on achieving EBITDA profitability, and going forward, profitability continues to be our top priority. We look forward to accelerating contactless credit from leading financiers, and with this round, have enough capital to get soon to break even and beyond,” stated Adhil.
BankBazaar partners with over 80 financial organizations in India that include the largest nationalized and private banks, NBFCs and insurance companies to offer financial products and services.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.