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BankBazaar

BankBazaar

BankBazaar is an online marketplace that gives consumers access to customized rate quotes on loans, credit cards or personal finance products such as insurance policies, bank loans and credit card offers. [1] They offer their services through web and mobile platforms, through which consumers can search for offers, compare, and customize it. [2]

BankBazaar
Type
Private Limited Company
IndustryFinance
Founded2008(2008)
FounderAdhil Shetty Arjun Shetty Rati Rajkumar
HeadquartersChennai, Tamil Nadu,India
Area served
India
Key people
Adhil Shetty (CEO) Arjun Shetty (COO) Rati Rajkumar (Chief Product Officer)
Products
  • Personal Loans
  • Car Loans
  • Home Loans
  • Education Loans
  • Credit Cards
  • Fixed Deposits
  • Health Insurance
  • Life Insurance
  • Car Insurance
  • Cibil
ServicesFinancial services
Websitewww.bankbazaar.com

History

In 2008, with an initial capital of Rs. 45 lakh, BankBazaar.com was started, with a team of 6 people in Chennai. The name was chosen as it signifies a choice and comparison of banks. [3] [2]

The founders Adhil Shetty, [4] Arjun Shetty and Rati are a group of U.S. return entrepreneurs who had worked in companies like Deloitte, Amazon.com, Capital One and Microsoft. [5]

Funding

In August 2008, BankBazaar raised its first round of funding of Rs. 4 crore from strategic investor AVT Infotech.

[3] [6] [7] By March 2011, they had their second round of funding of Rs. 28 crore from Walden International. [3] [8] [9] In January 2014, it raised Rs. 80 crore [11] from Sequoia Capital and Walden International in a Series B round funding. [12]

In July 2015, it raised Rs. 375 crore in its Series C round of funding led by Amazon.com [13] with participation from Fidelity Growth Partners, Mousse Partners [14] as well as existing investors Sequoia Capital [15] and Walden International. [17]

In October 2017, it raised $30 million in its funding led by Experian [10]. The series-D brings BankBazaar's total funding to $110 million.

Products and Services

Product

BankBazaar offers customers the option to apply for Personal Loans, Car Loans, Home Loans, Credit Cards, Mutual Funds, Fixed Deposits, Saving Accounts. [5] These services are offered through web and mobile platforms through which customers search for information on personal finance, instant quotes from banks and eligibility for financial products. [1]

Partners

The 1st contract BankBazaar signed up was with ING Vysya and soon after that, HDFC Bank. [3] Currently, more than 30 banks have partnered with BankBazaar for various financial products. It has tied-up with HDFC Bank, Axis Bank, ICICI Bank, HDFC Limited, PNB, Indiabulls, Fullerton, Standard Chartered Bank, ING and others across personal loans, home loans and car loans. [6] In 2015, banking giant SBI joined hands with BankBazaar to allow home loan borrowers to apply for SBI Home Loans online.

Insurance providers such as Aegon Religare,, Bajaj Alliance, L&T, Iffco Tokio, Apollo Munich have partnered with BankBazaar for life insurance, car insurance and home insurance.

[6]

One can check their eligibility, compare and apply for credit cards from companies such as American Express, ICICI, HDFC, HSBC, Citi and SBI Bank.

[6]

References

[1]
Citation Linken.wikipedia.orgThe original version of this page is from Wikipedia, you can edit the page right here on Everipedia.Text is available under the Creative Commons Attribution-ShareAlike License.Additional terms may apply.See everipedia.org/everipedia-termsfor further details.Images/media credited individually (click the icon for details).
Jul 16, 2016, 6:12 PM
[2]
Citation Linkonlineprnews.com"Four interesting website upgrades on Bankbazaar.com"
Jul 16, 2016, 6:12 PM
[3]
Citation Linknewindianexpress.com"One stop loan solution.com"
Jul 16, 2016, 6:12 PM
[4]
Citation Linkrediff.com"The success story of Bank Bazaar"
Jul 16, 2016, 6:12 PM
[5]
Citation Linkanupartha.com"Brofounders of BankBazaar"
Jul 16, 2016, 6:12 PM
[6]
Citation Linkcoffeewithsundar.com"Coffee With Sundar » Blog Archive » Coffee With Arjun Shetty – COO BankBazaar.com"
Jul 16, 2016, 6:12 PM
[7]
Citation Linklivemint.com"Dedicated web sites attract venture cash - Livemint"
Jul 16, 2016, 6:12 PM
[8]
Citation Linkepaper.timesofindia.com"Walden Pumps $6 Million into BankBazaar.com"
Jul 16, 2016, 6:12 PM
[9]
Citation Linkmedianama.com"BankBazaar.com Raises $6M From Walden International"
Jul 16, 2016, 6:12 PM
[10]
Citation Linknextbigwhat.com"Walden International Invests $6 million in BankBazaar » NextBigWhat"
Jul 16, 2016, 6:12 PM
[11]
Citation Linkeconomictimes.indiatimes.com"Experian to buy stakes in Paisabazaar, BankBazaar"
Nov 29, 2017, 6:32 PM
[12]
Citation Linkdnaindia.com"We are investing heavily to deliver paperless financial transactions: BankBazaar CEO Adhil Shetty | Latest News & Updates at Daily News & Analysis"
Jul 16, 2016, 6:12 PM
[13]
Citation Linkarticles.economictimes.indiatimes.com"Sequoia Capital Deposits Rs 80 crore in BankBazaar"
Jul 16, 2016, 6:12 PM
[14]
Citation Linkbusinessinsider.in"BankBazaar raises Rs 375 crore of funding via Amazon"
Jul 16, 2016, 6:12 PM
[15]
Citation Linkbusiness-standard.com"BankBazaar raises Rs 375 cr in funding round led by Amazon"
Jul 16, 2016, 6:12 PM
[16]
Citation Linkhuffingtonpost.in"Amazon Leads Rs 375 Crore Investment In BankBazaar"
Jul 16, 2016, 6:12 PM
[17]
Citation Linklivemint.com"BankBazaar.com raises Rs375 crore from Amazon, others"
Jul 16, 2016, 6:12 PM
[18]
Citation Linklivemint.comLink on livemint.com
Jul 16, 2016, 6:12 PM
[19]
Citation Linkthehindubusinessline.com"BankBazaar.com launches flash sale for credit cards"
Jul 16, 2016, 6:12 PM
[20]
Citation Linkfinancialexpress.com"BankBazaar.com launches India’s first flash sale for credit cards"
Jul 16, 2016, 6:12 PM