BankBazaar

BankBazaar is an Indian internet-based multi-brand financial product comparison platform, designed to aid applicants with choosing loans and credit cards online, without need of any paper work and offline processing. It operates completely online. Its serves solely to Indian Citizens. It is headquartered in Chennai, TamilNadu. BankBazaar is planning to facilitate loan disbursal worth Rs 3,000 crore, making it India’s largest non-banking financial company in online loan processing. The company has raised $6 millions as part of Series A funding from Walden International in 2011 and $13 millions as part of Series B funding from Walden International and Sequoia Capital in January, 2014. The company is known for the transparency that it offers (well, most of the loans have lot of ‘hidden’ numbers) – it even exposes secondary fees in the final calculations.

History

BankBazaar was co-founded in 2008 by Adhil Shetty, Arjun Shetty, Rati Rajkumar after they resigned from Deloitte Consulting, Amazon, Kraft Foods companies respectively. The company was incorporated as “A & A Dukaan Pvt. Ltd.” with a capital of Rs. 2, 00,000 (roughly US $4,000 in those days) at Anna Nagar, Chennai. Later, they received Seed Capital of US $1 million from strategic investor AVT Infotech in 2008.

Services

BankBazaar is an online marketplace that provides instant customized rate quotes on loans and insurance products. The company started off with white labeling business by helping banks like HDFC, ICICI, Axis Bank in processing their loans and credit cards online. Later, they have started a website, named, BankBazaar.com to process the loans and credit cards independently. Presently, they help the individuals to get personal loans, car loans, home loans, educational loans and all types of credit cards and fixed deposits.

Clients and operations

On 31 March 2013, BankBazaar has 15 clients in white labeling business of loans in India.

Locations

The company is wholly present in India at three major cities viz., Chennai, Bangalore, Mumbai.

• Chennai has more than 140 employees, including 100 members in operations and design team.
• Bangalore office has development team and Marketing team.
• Mumbai office has sales team.