All You Need to Know About BankBazaar - The Pioneer Indian Fintech Company

Selecting suitable financial instruments is a must for growing your money. Your choice of financial instruments play a decisive role in achieving your financial goals.  However, with a host of options available, it is tough to find the best deal. BankBazaar came into being to solve this very problem. BankBazaar lets you easily compare the various saving and investment options available in the market, so that you can find the best one that suits you.

Headquartered in Chennai, BankBazaar is a dynamic online marketplace with a conscious initiative to inculcate financial awareness among the Indian consumers by giving them instant and customized rates on the wide array of financial instruments present in the Indian Financial market.

Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty, BankBazaar is an initiative to provide a long-awaited solution to the rigged Indian banking system. In the industry of fintech startups, BankBazaar has set a different stratum for itself over the years. Here we have curated some vital and interesting facts and figures about BankBazaar, that will let you get an insight of this esteemed company.

BankBazaar Highlights

Startup Name BankBazaar
Headquarter Chennai
Sector Fintech
Founders Adhil Shetty, Arjun Shetty & Rati Shetty
Founded 2008
Parent Organization A&A Dukaan Financial Services
Website www.bankbazaar.com

About BankBazaar and How it Works
Founders of BankBazaar and team
How was BankBazaar Started
BankBazaar - Business Model and Revenue Model
BankBazaar - Funding and Investors
BankBazaar - Competitors
BankBazaar - Growth

About BankBazaar and How it Works

BankBazaar is all about aiding the consumers with better rates and more awareness as to what goes into the financial markets. BankBazaar.com is the world's first neutral online marketplace that gives customers instant customized quotes on loans, credit cards, mutual funds & insurance products. One can instantly search for, compare and apply for loans, credit cards, mutual funds, and insurance products on the site. Having partnered with India's leading financial institutions & insurance firms, BankBazaar provides great deals aptly.

Founders of BankBazaar and team

Adhil Shetty, Arjun Shetty, and Rati Shetty are the founders of BankBazaar.

Adhil Shetty is the CEO of BankBazaar. Adhil graduated from the well renowned Columbia University of New York in International finance and Business after taking an engineering degree from College of Engineering, Guindy, this man has had a fair share of versatility required in the field. Before co-founding BankBazaar, he was a senior consultant at Deloitte.

BankBazaar COO Arjun Shetty, has a bachelor's degree in engineering from the College of Engineering, Guindy and a master's degree in Operations Research from the Georgia Institute of Technology. Before co-founding BankBazaar, Arjun was working as a Senior Product Manager at Amazon.

Rati Shetty is the CPO of BankBazaar. Born into a family of entrepreneurs she was always naturally inclined to be an entrepreneur. She backed a bachelor's degree in Business Administration from MOP Vaishnav College in Chennai. After completing her higher education, she spent a couple of years working in Taipei and Miami.

How was BankBazaar Started

All of this dates back to 2007 when one of the co-founders - Rati Shetty was trying to avail of a home loan with her husband Arjun Shetty. And the couple realized that getting a home loan in India was not at all easy. They approached several banks and soon were very frustrated as the whole process was both cumbersome and time-consuming.

As a result, Rati wanted to crack a quick solution to the home loan application process. She did this by turning an entrepreneur who would make the entire process easy. And that’s how the idea of BankBazaar germinated in her mind which she started with Arjun and his brother Adhil Shetty in 2008.

BankBazaar - Business Model and Revenue Model

The whole business model of BankBazaar revolves around the fact that they need to manufacture a totally paperless loaning stage and alter the way customer credits are passed out.

BankBazaar offers its clients the choice to apply for all types of loans namely Personal Loans, Car Loans, Home Loans, Credit Cards, Fixed Deposits, Health Insurance, Life Insurance, and Car Insurance. And these are some of the revenue yielding sources for this Fintech platform BankBazaar.

According to a report by Inc 42, in FY16-17, the operational revenue of BankBazaar stood at INR 53.92 Cr (∼$8 Mn), with total revenues of INR 71.16 Cr (∼$10.5 Mn). And in FY 17-18, BankBazaar closed a revenue of INR 240 Crores. In October the same year, one of the founders, Adhil stated that the BankBazaar platform got close to 23 million visitors, marking a 100 percent growth from October 2016 which only saw close to 11.5 million visitors.

BankBazaar - Funding and Investors

In 2017, this fintech platform BankBazaar made quite a few headlines for raising a massive $30 million from the credit reporting agency, Experian. BankBazaar has also raised Rs 375 crore Series C funding. Further, to put higher stakes on their international aspirations and increase the profit margins, the company had committed to invest close to $3 million for expansion in countries like Singapore and Malaysia each. To date, it has raised $110 Million through funding from marquee investors such as Amazon, Fidelity Growth Partners, and Sequoia Capital, Experian among others. Here  is a detailed table of the funding raised by BankBazaar till date-

Date Stage Amount Lead Investors
March, 2011 Series A $6Million Walden International
January, 2014 Series B $13Million Sequoia Capital India
July, 2015 Series C $60 Million Amazon
October, 2017 Series D $30 Million Experian Ventures

BankBazaar - Competitors

BankBazaar shares healthy competition with companies like Policy Bazaar, Easypolicy, My Insurance Club to name a few. Though BankBazaar is one of the first fintech startups that simplified the complex task of choosing saving and investment tools for the Indian customers ,  these competitors are growing to acquire a fair share in the market.

BankBazaar - Growth

With a team strength of over 1000, today BankBazaar is a trusted marketplace for many who are seeking profitable financial instruments for investment. The company claims that in the year 2018, 169 million unique visitors visited BankBazaar's website to buy financial products.

BankBazaar started with a few products on its website back in 2008, has now grown to offer a versatile range of financial products that include loans, credit cards, insurance and mutual funds from around 85 partners across the website and mobile application.

Moreover, with 85 financial institutions on board, BankBazaar added close to 15 to 20 new financial institutions in 2017. Also, BankBazaar added new products to its portfolio including two-wheeler insurance and free consumer credit score in association with Experian. Bank Bazaar also moved on to add completely paperless mutual funds in its versatile product mix.

According to certain reports, the CEO and co-founder of BankBazaar, Adhil attributes this growth to the company’s significant push towards ‘paperless’ deployment of financial products. At present, close to 60% of their total products on the platform are offered in a paperless digital manner thus not requiring customers to submit any physical documents.

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About Chayanika Goswami

Chayanika is an MBA in Finance and a trained Digital Marketer. SEO and content writing are her hobbies turned profession. She is a rover. In her free time, she loves traveling and cracking jokes.
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