Financial services marketplace BankBazaar.com will invest an additional Rs.10 crore in its Singapore subsidiary and Rs 5 crore in its Malaysian arm. The investment will be used for generating better brand awareness of the Singapore portal as well as for expanding the Singapore team, both onshore and offshore, the company said in a statement.
The company entered the Singapore market in February last year with an initial investment of Rs 1 crore. In September, it invested an additional Rs 5 crore. It claims the Singapore subsidiary has already started generating revenue. The company predicts that almost 20% of the total revenue will come from international subsidiaries by 2020.
Investment in Malaysia: By the end of the year, BankBazaar will also invest Rs.5 crore to spread its business to Malaysia. The company currently has a website live in Malaysia and says that the subsidiary will be set up in the second half of this year. Bankbazaar also has websites live on Philippines, UAE and Mexico offering personal loans, car loans, home loans, credit card and fixed deposits. It claims to be present in 1332 cities with 50,000 customers and 35 partners.
BankBazaar funding: In July 2015, BankBazaar raised $60 million in a round of funding led by Amazon. In July 2014, it had raised around $13 million from Sequoia Capital and Walden International. In 2011, it raised its $ 6 million Series A round of funding from Walden International.