BankBaazar is an online marketplace for Bank Loans, credit cards, and insurance policies. Users can compare and choose through various services from different banks over the platform. The platform can be accessed through the website as well as the app. The company was incorporated in 2008 and headquartered at Chennai, Tamil Nadu.
BankBaazar was founded by Aadhil Shetty with his brother Arjun Reddy and wife Rati Shetty. This is a group of entrepreneurs who had worked in companies like Amazon, Deloitte, Microsoft, and Capital One.
Adhil Shetty, the founder got the idea of BankBazaar when they returned from U.S and were trying to take a home loan in Chennai. They have to face many problems and there was no platform to compare interest rates of different banks.This was the time when they discussed the idea of BankBaazar and implemented it shortly.
BankBaazar raised approximately 80 million dollars in four different round of funding from 5 different investors.
Series A: First round of funding held in March 2011 in which BankBaazar raised 6 million dollars from an investment firm called Walden International.
Series B: In Series B round of funding company raised 13 million dollars existing investor Walden International and a new investor Sequoia Capitals.
Series C: Third round of funding held in July 2015, In this round, BankBaazar raised 60 million dollars from existing investors and some new investors like Amazon, Eight Roads Ventures, Mousse Partners, Walden International, and Sequoia Capital.
BankBaazar also raised 750 thousand dollars is a venture capital in September 2016.
BankBazaar offers customers the option to apply for Personal Loans, Car Loans, Home Loans, Credit Cards, Mutual Funds, Fixed Deposits, Savings Accounts. These services are offered through the web and mobile platforms through which customers search for information on personal finance, instant quotes from banks and eligibility for financial products.
The Journey started in 2008 with an initial capital investment of 45 lakh rupees. The company started with only 6 team members Then the Aadhil, Arjun, and Rati started approaching their seniors and colleagues and built a great team together.
In starting they had a hard time to get tied up banks. But after lots of efforts, they manage to sign up the first contract with ING Vysya bank and then soon HDFC Bank was brought on the platform. Today BankBazaar has more than 8 million happy customers getting service from 85 banks in 1332 cities. Today the company is partnered with ICICI Bank, SBI, PNB, Union Bank, Axis Bank, CitiBank, Tata Capital, Standard Chartered, etc.
BankBaazar Business Model:
BankBaazar provides absolutely free service for its users. It made the whole process of applying for loans hassle-free and transport. Customers just have to choose a deal, apply for the deal and get approval from the bank in 7 minutes that normally takes days.
BankBaazar revenue model is to get the commission from banks against the lead generation through their platforms.
BankBaazar Marketing Strategies:
BankBazaar is an online platform and targets people who do online shopping more than offline. BankBazaar relies more on its online presence. Thus the company used Facebook and Twitter more to gather its audience. BankBaazar provides engaging content over its Facebook and Twitter page. Currently, Facebook has more than 6.3 lakh fan following while Twitter has 11.8K followers. LinkedIn page has more followers than its Twitter page with 17.8K followers.