After Snapdeal investing in RupeePower, Amazon has announced an investment of INR 375 crores (~$60mn) in Bankbazaar.
BankBazaar, Chennai based startup offers platform to compare rates between different financial institutions and to apply for the loan online and last raised $13mn from Sequoia.
The Rs. 375 crores ($60 Million) Series C round was led by Amazon with participation from Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated in the Series C funding round.
The funds will be primarily deployed towards technology integration, hiring and strengthening partner relationships and to creating a truly phenomenal end-to-end customer experience in order to grow in the online financial services category as a market leader. The company will also invest to upscale its marketing and branding effort to reach out to a larger number of consumers and create a house-hold financial services brand in India.
The company is rapidly increasing the depth of its portfolio offerings and has signed on more than 23 bank partners to give the widest range of options to the consumer, available online and via its Android & iOS apps.