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…
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.
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.