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Challenging Snapdeal’s move to acquire RupeePower, a digital financial services platform, Amazon has invested $60 Mn (about INR 375 Cr) in Series C round of funding for online financial marketplace BankBazaar.
The round also saw the participation of venture capital firm Fidelity Growth Partners and Mousse Partners.
Chennai-based multi-brand financial product comparison platform, BankBazaar started its operation in 2008 under the leadership of Adhil Shetty, former Deloitte Touche Tomahatsu executive; Adhil Shetty, former Amazon executive and Rati Rajkumar former Kraft employee. BankBazaar sells financial products on its website which includes credit cards, car loans, personal loans and education loans. Presently, it has over 5,00,000 customers with loans & cards and has signed up more than 23 bank partners.
BankBazaar plans to use the infused funds for technology integration, hiring, strengthening partner relationships, marketing and branding. The startup is also investing heavily on its mobile App.
The BankBazaar App is available on both the Android & iOS platforms that not only helps consumers get financial products with ease, but also educates them and helps them manage their finances better.
A & A Dukaan Financial Services Pvt Ltd, which operates BankBazaar, had raised more than $13 Mn (INR 80 Cr) in Series B round led by Sequoia Capital, with participation from existing investor Walden International.
Last year, Amazon’s Singapore-based entity Amazon Asia Pacific, had picked up a minority stake in Bangalore-based gift card company, QwikCilver Solutions that raised $10 Mn (about INR 60 Cr) from Amazon.
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