InsurTech

Bankbazaar.com, India's Nerdwallet Raises $60 Million And Plans To Expand Its Portfolio

MEDICIFounder and Chief Strategy & Innovation Officer

We live in an over-communicated society today. The amount of marketing, offers, ads and promotions we see today is mind-boggling. So when it comes to choosing a product, you probably feel like this…

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Whether it be a mobile phone or a car you want to purchase, or whether it is a credit card or a loan you want to avail, the options are leaving people confused and helpless. They often turn to friends, family and—now a days—sites and apps like Bankbazaar.com to make such decisions.  The concept is not very new as we have had similar sites in the past. But the new players are taking advantage of cloud, mobility and open APIs to build better experiences.; this is what the consumer of today demands. In the US, we recently saw a similar product called Nerdwallet raise $63.54 million in its third round of funding.

Now, India’s Banbazaar.com has raised Rs. 375 crore ($60 million) in its Series C funding round led by Amazon. Participation came from Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated in the funding round. The company will use the new fund for technology integration, hiring and strengthening partner relationships.

"With the rapidly evolving online consumer segment across categories, we have seen great demand for this platform. We are currently looking to expand the category as we reinvest all earnings in growing the business intelligently," BankBazaar.com's chief executive officer Adhil Shetty said in a news article.

Amazon has always kept Internet businesses like these on its radar; I have observed this in the past. When players builds big traffic in their respective segments—such as IMDB for movies and TV shows—it becomes attractive for Amazon and is usually one of the first players to make an M&A move.

“BankBazaar is a unique and compelling service that aligns with Amazon’s mission in India to transform the way India buys and how India sells,” Amit Agarwal, vice president and country manager at Amazon India said in a news article.

About Bankbazaar.com:

BankBazaar is an online marketplace for instant customized rate quotes on loans, credit cards and insurance products. The company enables customers to shop for loans and insurance similar to how people buy everything else now—online.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”