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Indian FinTech BankBazaar raises $5.9 million from WSV Capital

Indian FinTech BankBazaar, an online financial services marketplace, has raised around  INR 45 crore or ($5.9 million) from US-based VC firm WSV Capital. The Chennai-based startup’s existing investors Sequoia India, Eight Roads, Amazon and Experian also participated in the latest funding round.  Including the latest round, BankBazaar has raised around $115 million since its inception in 2008, according to Crunchbase.

In a statement, the company revealed that the latest capital secure is a part of the BankBazaar Series D1 equity financing round. It further added the company plans to use the proceeds to accelerate the delivery of contactless personal finance products and business expansion in India.

Adhil Shetty, CEO, BankBazaar, said, “BankBazaar has spent the last decade in building world-class infrastructure to enable Indians to access financial products online from leading lenders across the country. 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.”

“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 revolutionize the Indian financial services sector,” added Andrew Kau, General Partner with WSV.

The funding comes in at a time when the COVID19 pandemic has adversely impacted the global economy and business continuity of several companies across the sector. However, the Indian FinTechs continue to raise funds even though several of these companies are not yet profitable.

BankBazaar, which was expected to make an operating profit by the end of March this year, is unlikely to achieve overall profitability and launch an initial public offering (IPO) by fiscal 2022.

“We were on track to hit operational level profits for the year ended March 2020, however, due to the pandemic, and due to a general slowdown in retail loans in the country, we are shifting these targets to a later date this financial year,” said Shetty. The slowing credit growth, an ongoing moratorium on repayment of loans has also impacted tech startups selling financial products and loans, he added

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