Financial services portal BankBazaar has raised Rs 80 crore (around $13 million) from Sequoia Capital and existing investor Walden International, reports The Times Of India. Prior to this, it had raised $6 million from Walden International in March 2011. The report says it had also raised $1 million from Chennai-based AVT Infotech in 2008.
The company plans to use the investment raised to strengthen its footprint in home, car, personal, and educational loans and credit card products.
Founded in 2008, BankBazaar aggregates loan offerings from different banks and financial institutions and offers customized rate quotes on loans and insurance products to consumers.
One can search and compare these loan quote offers to find the deal that suits them and apply online. At present, it offers quotes for different loan offerings like personal loan, car loan, home loan and educational loan and allows users to compare various fixed deposits. Besides this, one can also compare & apply for credit cards and insurance products online.
It also has some loan calculating tools including an EMI calculator, Home Loan Refinance calculator, SIP Calculator, Retirement Savings calculator, among others. It currently has tie-ups with banks like Axis Bank, ICICI Bank, HDFC Bank, SBI, Citibank, Deutsche Bank, HSBC, Standard Chartered and others and financial institutions like Bajaj Finserv, Fullerton India and others. BankBazaar.com monetizes through commission from banks and financial institutions and doesn’t charge users for this service.
Apnapaisa-Sequoia Capital: Interestingly, Sequoia Capital had also invested in a similar financial services portal ApnaPaisa in 2009. The company offers deals on loans, insurance and investment products. Another player in the space is Mymoneymantra which allows users to compare various loan products.
Info Edge and Inventus Capital-backed PolicyBazaar aggregates insurance policies and is possibly the largest web insurance aggregator in India. However, if you are considering launching a web Insurance Aggregator business in India, its time to rethink your plans considering the regressive and incomprehensible regulations from the regulator IRDA, although it looks like the regulator is now rethinking the bizarre FDI limit on insurance intermediaries.