Chennai-based online financial marketplace BankBazaar, which completed 10 years of operations in February 2018, has slowly but surely emerged as a company to reckon with in the Indian fintech space.
In FY16-17, it posted revenues of $10.5 Mn and decreased its losses by 15% compared to the preceding financial year. Till date, it has raised $110 Mn through funding from marquee investors such as Amazon, Fidelity Growth Partners, and Sequoia Capital, Experian among others.
BankBazaar, founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty, was one of the first fintech startups to provide a long-desired solution to the rigged Indian banking system. At that time, India’s banking system was traditional and had an agent-driven model — sales were purely driven by the agent’s intent for profit, and not keeping in mind the customer’s benefit, as it should be.
This started changing with the advent of fintech startups like BankBazaar, Policybazaar, Easypolicy, My Insurance Club and others. BankBazaar, which claims to get over 50 Mn visits per quarter is an aggregation platform for loans, insurance, credit card, and other financial services. Apart from being a one-stop online shop for customers to access all financial services, it also gives them essential information about these products and enables them to compare them across various parameters and decide what suits them best.
While the annual filings of BankBazaar for FY17-18 were not available with the ministry of corporate affairs (MCA), we at Inc42 Datalabs did our own digging into the fintech startup’s financials as a precursor to our analysis of FY17-18 filings.
We also compared it with its competitor PolicyBazaar, an online insurance aggregator.