Amazon.com Inc. has led a $60 million (Rs 375 crore) funding round in online financial products retailer BankBazaar.com.
The Chennai-based company sells third party financial products such as credit cards, home loans, and insurance products. It was founded in 2008 by Adhil Shetty, who is also the chief executive officer.
Other investors in this round included Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated.
"The company has made great strides in the last two years and become the premier consumer destination for financial products. With this fund raise, BankBazaar plans to innovate even more to provide the best and fastest experience for consumers", said Gautam Mago, Managing Director, Sequoia Capital, in a statement.
BankBazaar will use the funds to expand its operations, including hiring more people and upgrading its mobile app. It will also spend on marketing and branding efforts for new financial products it plans to offer. The bank has partnered with 23 banks, up from 10 in 2009.
"We are committed to enabling an easy, convenient and trustworthy purchase experience for consumers focusing on financial products be it loans, credit cards or any other personal finance products," said Shetty in a statement. He had left his job with Deloitte Touche Tomahatsu in New York in 2007 to come back and start the company a year later.
This is Amazon's second investment in India. It had acquired a minority stake in gift card company QwikCilver for $10 million in December. That round was led by Amazon Asia Pacific, the Singapore-based unit of the world's biggest online retailer.
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The Chennai-based company sells third party financial products such as credit cards, home loans, and insurance products. It was founded in 2008 by Adhil Shetty, who is also the chief executive officer.
Other investors in this round included Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated.
"The company has made great strides in the last two years and become the premier consumer destination for financial products. With this fund raise, BankBazaar plans to innovate even more to provide the best and fastest experience for consumers", said Gautam Mago, Managing Director, Sequoia Capital, in a statement.
BankBazaar will use the funds to expand its operations, including hiring more people and upgrading its mobile app. It will also spend on marketing and branding efforts for new financial products it plans to offer. The bank has partnered with 23 banks, up from 10 in 2009.
"We are committed to enabling an easy, convenient and trustworthy purchase experience for consumers focusing on financial products be it loans, credit cards or any other personal finance products," said Shetty in a statement. He had left his job with Deloitte Touche Tomahatsu in New York in 2007 to come back and start the company a year later.
This is Amazon's second investment in India. It had acquired a minority stake in gift card company QwikCilver for $10 million in December. That round was led by Amazon Asia Pacific, the Singapore-based unit of the world's biggest online retailer.
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