Amazon leads 375-cr new funding round at BankBazaar.com
NEW DELHI: American e-commerce giant Amazon has picked up a minority stake in Chennaibased online financial marketplace BankBazaar.com.
The company has raised $60 million (`375 crore) in a third strategic round of funding led by Amazon with participation from Fidelity Growth Partners and Mousse Partners.
This is the Amazon’s second investment in an Indian start-up after it bought a stake in gift card company QwikCilver last year. The move will help Amazon sell financial products on Bankbaazar. com’s platform in India.
Earlier this year, Snapdeal, one of Amazon’s closest rivals in India, had acquired RupeePower, a digital financial services platform, to gain strong foothold in the domestic online financial services market. “BankBazaar is a unique and compelling service that aligns with Amazon’s mission in India, to transform the way India buys and sells,” said Amit Agarwal, vice-president and country manager, Amazon India.
“We are looking to expand the category as we reinvest all earnings in growing the business intelligently,” said Adhil Shetty, CEO, BankBazaar.com.
The company, which offers online loans and credit cards, also plans to launch other personal finance products. BankBazaar. com is also raising its portfolio offerings and has signed on more than 23 bank partners
“The funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships,” BankBazaar.com said in a statement. Existing investors Sequoia Capital and Walden International also participated in the funding round.