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Amazon-backed BankBazaar bags $30 mn in Series D funding

17 October, 2017

Chennai-based A & A Dukaan Financial Services Pvt Ltd, which operates online financial services marketplace BankBazaar, has raised $30 million (Rs 195 crore) in a Series D funding round led by UK-based credit rating bureau Experian, a company statement said.

The new funding takes the firm’s total external funding to $110 million.

“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.

Established in 2008 by brothers Adhil and Arjun Shetty along with Rati Rajkumar, the financial services firm provides instant customised rate quotes on loans, credit cards, and insurance products. In India, BankBazaar has partnered with over 75 financial institutes and has diversified to offer 12 financial products including insurance and mutual funds, besides the banking products it initially began with.

In April, VCCircle reported that the company was exploring the possibility of a strategic tie-up with a few potential investors to strengthen its India business and enter a few other countries. The company had already set up a subsidiary in Singapore and is looking to foray into Malaysia, the Philippines, and the UAE in the current financial year, Adhil Shetty had then told VCCircle.

The company reported revenues of Rs 71 crore for the financial year ended 31 March 2016, data from VCCEdge, the data research platform of News Corp VCCircle, showed.

Other firms that operate in the same segment as BankBazaar include online insurance selling platform Policybazaar. Earlier this month, the company raised Rs 500 crore ($77 million) in a Series E funding round from True North, IDG Venture Partners, Boston-based assets management firm Wellington Management Group. Existing investors Temasek, Tiger Global Management, Premji Invest, Info Edge, and other undisclosed investors participated in the round.

In September, Mumbai-based fin-tech startup Rubique was in advanced stages of discussions with Chinese and UAE-based venture capital firms and existing investors to raise $20 million (around Rs 128 crore) in a Series B funding round. In July, the company secured a bridge round of $3 million (Rs 19.4 crore) from existing investor Kalaari Capital and Udayan Goel, managing partner at private equity firm Apis Parnters.

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Amazon-backed BankBazaar bags $30 mn in Series D funding

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