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. They offer their services through web and mobile platforms, through which consumers can search for offers, compare, and customize it.
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.
The founders Adhil Shetty, 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.
Funding
In August 2008, BankBazaar raised its first round of funding of Rs. 4 crore from strategic investor AVT Infotech. By March 2011, they had their second round of funding of Rs. 28 crore from Walden International. In January 2014, it raised Rs. 80 crore from Sequoia Capital and Walden International in a Series B round funding.
In July 2015, it raised Rs. 375 crore in its Series C round of funding led by Amazon with participation from Fidelity Growth Partners, Mousse Partners as well as existing investors Sequoia Capital and Walden International.
Products and Services
Product
BankBazaar offers customers the option to apply for Personal Loans, Car Loans, Home Loans, Credit Cards, Fixed Deposits, Health Insurance, Life Insurance and Car Insurance. 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.
Partners
The 1st contract BankBazaar signed up was with ING Vysya and soon after that, HDFC Bank. 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. 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, Bharti Axa, Bajaj Alliance, L&T, Iffco Tokio, Apollo Munich have partnered with BankBazaar for life insurance, car insurance and home insurance.
One can check their eligibility, compare and apply for credit cards from companies such as American Express, ICICI, HDFC, HSBC, Citi and SBI Bank.
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