BankBazaar bags new investment from Amazon in series D funding

Bank bazaar

BankBazaar, the online marketplace is responsible for aiding customers compare and choose financial products which includes credit cards, insurance, fixed deposits, saving accounts, mutual funds and others over a very secure, user friendly, and intuitive platform. It was Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty,

BankBazaar has partnerships with more than 80 financial organizations in India including the largest nationalized and private banks, NBFCs and insurance companies so as to offer a never before range of financial products and services.

Bank bazaar is supported by global investors including Sequoia Capital, Walden International, Amazon, Fidelity Growth Partners and Mousse Partners. Bank Banzaar has bagged Rs 29 crore as a part of its ongoing Series D round from existing investors including Amazon, Sequoia and Walden SKT Venture Fund, according to its filings with the Registrar of Companies.

This current funding comes more than two and a half years after the global credit rating agency Experian had led a $30 million financing round into the company. It has raised total funding of more than $110 million to date.

“The funds from this round will be used to further strengthen our position as the leader in securing paperless access to loans, cards, and mutual funds,” Adhil Shetty, chief executive of BankBazaar said.

The company had last raised $59.1 million in a Series C round in July 2015 from Amazon, Fidelity Growth Partners, Mousse Partners and existing investors Sequoia Capital and Walden International. In January 2014, it had raised $13 million in Series B funding led by Sequoia Capital with participation from Walden International.

BankBazaar has issued 12,337 shares to Amazon for INR 5.6 Cr, 15,421 shared to Walden SKT Venture Fund for INR 7.1 Cr, 4,978 shares to GUS Holdings for INR 2.2 Cr, 5,782 shares to Sequoia for INR 2.6 Cr and 3,338 shares to Eight Roads for INR 1.5 Cr.