A&A Dukaan Financial Services, which owns and operates online financial services marketplace BankBazaar, has received Rs 45 crore (Appr. US$ 6 mil.) in fresh financing as part of its ongoing Series D round.
The latest capital infusion has been led by WSV—a joint venture fund of Walden International and Korean company SKTA—with BankBazaar’s existing investors, which includes, Amazon, Sequoia India, Experian, and Eight Roads, also participating, according to a company-issued statement.
The Chennai-headquartered online financial marketplace will use the proceeds to accelerating the delivery of contactless personal finance products and business expansion in India, the statement said.
“In the post-COVID-19 world, the demand for contactless finance is going to grow exponentially, and this round of funding will help us accelerate our plans to implement contactless access to credit,” Adhil Shetty, chief executive of BankBazaar, said.
In April, digital publication Entrackr, citing filings submitted by the company with the Registrar of Companies, had reported that BankBazaar had raised Rs 29 crore from by Amazon and other existing investors. That external equity round had come within weeks of raising Rs 16 crore from Sequoia, Gus Holdings and Iype Isac in March. Including this latest round of funding, the company, which competes with the likes of PolicyBazaar-owned PaisaBazaar and Kalaari Capital-backed Rubique, among others, has now raised about $116 million, across multiple rounds.
It had last closed a $30 million round of equity financing in October 2017, which was led by Experian.
“BankBazaar is creating the ‘Credit Karma’ of India with leading edge technology, a stellar team, and the support of an incredible set of strategic investors. We can’t wait to see how they help revolutionise the Indian financial services sector,” Andrew Kau, general partner with WSV, said.
The prepared statement also said that, prior to the lockdown initiated by the government to combat the Covid-19 pandemic, BankBazaar was “trending to achieve operational month-on-month profitability in March 2020.”
Between October 2019 and February 2020, BankBazaar saw a 90% increase in monthly organic traffic and its registered customer base rose to over 40 million, the statement said, adding that the company saw a 53% increase in monthly revenue and a 15% reduction in costs during the same period.