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BankBazaar.com raises $6 Million from Walden International
By siliconindia
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Bangalore: BankBazaar.com, a Chennai based firm has entered into a second round of funding from Walden International. The company will raise about $6 million from the Venture capitalist and will be used to expand customer reach and increase product portfolio, in addition to insurance policies and credit cards. It also intends to use the funds for advertising and marketing.
BankBazaar.com, a subsidiary company of A&A Dukaan Financial Services is a loan advisory and processing portal. Founded in 2008 by Arjun Shetty, Rati Rajkumar and Adhil Shetty, the portal enables consumers to compare and contrast the interest rates on various loans offered by different banks in India.
BankBazaar also has tie-ups with commercial banks like ICICI Bank, Axis Bank and HDFC Bank offers consumers a choice of rates on consumer loans, credit cards and insurance products based on mix of automation and large volume play.
Apart from direct-to-consumer services, the start-up also powers the MSN Money portal and offers lowest loan rates on other media sites. At present the company has a team of 40 employees most of whom are engineers.
It claims its USP as getting the best customized loan offers and allowing customers to compare offers using its tools and then providing service to apply online directly to the institution of their choice. It provides all this services at no extra cost.
Source of revenue for the company is the share from the cost saving that the banks get by selling a loan through BankBazaar.com compared with selling it through their own branches.
San Francisco-based Walden, has investments in Raman Roy-led Quattro BPO, Hyderabad-based Co-Options Technologies, Bangalore-based Mindtree and Airtight Networks . Bank Bazaar had earlier raised $1.2 million from a strategic investor, AVT Infotech.
