BankBazaar.com increases investment in Singapore subsidiary
BankBazaar.com, India’s leading financial website, today announced it was adding SGD 1 million investment as growth capital for in its Singapore arm – BankBazaar International. This strategic decision was unanimously approved by the board members of BankBazaar.com, including investors such as Sequoia Capital and Amazon.com. The investment, which follows an initial capital outlay to establish the unit, will be used for scaling technology and its team to strengthen the company’s expansion efforts and establish the first Financial Marketplace in Singapore.
Speaking on decision to invest in BankBazaar International, Adhil Shetty, Co-Founder and CEO, BankBazaar.com said, “BankBazaar is experiencing spectacular growth in India and we are looking to replicate that winning formula in Singapore. While the Indian market continues to be my focus, we believe the future of Fintech is global and Singapore is one of its capitals.”
At a time when most companies are wary of entering international markets, BankBazaar.com has gone ahead to set up a global presence. The company made its foray into the international market in February this year, starting with Singapore. Today, BankBazaar International, headed by Aman Narain, has made significant inroads in the Singapore market.
Speaking on the investment, Narain said: “The investment reflects the management’s support and the experience of investors like Amazon in building a strong foundation before embarking on our international offering here in Singapore. The preparatory work we have done with banking partners in the last six months has us excited about giving the Singaporean consumer a transparent, tailored, unique, and genuinely easy buying experience.”
Apart from Singapore, BankBazaar is also exploring markets in other Asian and select Middle Eastern markets.
BankBazaar.com hosts the widest range of financial products from over 75+ of the biggest public and private sector banks, NBFCs, and insurance companies in India. It gets an average of 7,000,000 visitors per month. The company raised USD 80M through funding from investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.