Everything About BankBazaar - Competitors, Growth, Business Model (2023)

Selecting suitable financial instruments is a must for growing your money. Your choice of financial instruments play a decisive role in achieving your financial goals. However, with a host of options available, it is tough to find the best deal. BankBazaar came into being to solve this very problem. BankBazaar lets you easily compare the various saving and investment options available in the market, so that you can find the best one that suits you.

Headquartered in Chennai, BankBazaar is a dynamic online marketplace with a conscious initiative to inculcate financial awareness among the Indian consumers by giving them instant and customized rates on the wide array of financial instruments present in the Indian Financial market.

Bankbazaar was Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty, BankBazaar is an initiative to provide a long-awaited solution to the rigged Indian banking system. In the industry of fintech startups, BankBazaar has set a different stratum for itself over the years.Here we have curated some vital and interesting facts and figures about BankBazaar, that will let you get an insight of this esteemed company.

BankBazaar Highlights

Startup NameBankBazaar
FoundersAdhil Shetty, Arjun Shetty & Rati Shetty
Parent OrganizationA&A Dukaan Financial Services

About BankBazaar and How it Works
BankBazaar - Founder
How was BankBazaar Started
BankBazaar - Business Model and Revenue Model
BankBazaar - Funding and Investors
BankBazaar - Competitors
BankBazaar - Growth

About BankBazaar and How it Works

BankBazaar is all about aiding the consumers with better rates and more awareness as to what goes into the financial markets. BankBazaar.com is the world's first neutral online marketplace that gives customers instant customized quotes on loans, credit cards, products.

One can instantly search for, compare and apply for loans, credit cards, mutual funds, and insurance products on the site. Having partnered with India's leading financial institutions & insurance firms, BankBazaar provides great deals aptly.

(Video) How Does BankBazaar Work?

BankBazaar - Founder

Adhil Shetty, Arjun Shetty, and Rati Shetty are the founders of BankBazaar.

Adhil Shetty is the CEO of BankBazaar. Adhil graduated from the well renowned Columbia University of New York in International finance and Business after taking an engineering degree from College of Engineering, Guindy, this man has had a fair share of versatility required in the field. Before co-founding BankBazaar, he was a senior consultant at Deloitte.

BankBazaar COO Arjun Shetty, has a bachelor's degree in engineering from the College of Engineering, Guindy and a master's degree in Operations Research from the Georgia Institute of Technology. Before co-founding BankBazaar, Arjun was working as a Senior Product Manager at Amazon.

Rati Shetty is the CPO of BankBazaar, Born into a family of entrepreneurs she was always naturally inclined to be an entrepreneur. She backed a bachelor's degree in Business Administration from MOP Vaishnav College in Chennai. After completing her higher education, she spent a couple of years working in Taipei and Miami.

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How was BankBazaar Started

All of this dates back to 2007 when one of the co-founders - Rati Shetty was trying to avail a home loan with her husband Arjun Shetty. And the couple realized that getting a home loan in India was not at all easy. They approached several banks and soon were very frustrated as the whole process was both cumbersome and time-consuming.

As a result, Rati wanted to crack a quick solution to the home loan application process. She did this by turning an entrepreneur who would make the entire process easy. And that’s how the idea of BankBazaar germinated in her mind which she started with Arjun and his brother Adhil Shetty in 2008.

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BankBazaar - Business Model and Revenue Model

The whole business model of BankBazaar revolves around the fact that they need to manufacture a totally paperless loaning stage and alter the way customer credits are passed out.

BankBazaar offers its clients the choice to apply for all types of loans namely Personal Loans, Car Loans, Home Loans, Credit Cards, Fixed Deposits, Health Insurance, Life Insurance, and Car Insurance. And these are some of the revenue yielding sources for this Fintech platform BankBazaar.

According to a report by Inc 42, in FY16-17, the operational revenue of BankBazaar stood at INR 53.92 Crore, with total revenues of INR 71.16 Crore. And in FY 17-18, BankBazaar closed a revenue of INR 240 Crores. In October the same year, one of the founders, Adhil stated that the BankBazaar platform got close to 23 million visitors, marking a 100% growth from October 2016 which only saw close to 11.5 million visitors.

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BankBazaar - Funding and Investors

In 2017, this fintech platform BankBazaar made quite a few headlines for raising a massive $30 Million from the credit reporting agency, Experian. BankBazaar has also raised INR 375 Crore Series C funding.

Further, to put higher stakes on their international aspirations and increase the profit margins, the company had committed to invest close to $3 Million for expansion in countries like Singapore and Malaysia each.

To date, it has raised $110 Million through funding from marquee investors such as Sequoia Capital, Amazon, Fidelity Growth Partners, , Experian among others. Here is a detailed table of the funding raised by BankBazaar till date-

(Video) Careers at BankBazaar.com

DateStageAmountLead Investors
March, 2011Series A$6MillionWalden International
January, 2014Series B$13MillionSequoia Capital India
July, 2015Series C$60 MillionAmazon
October, 2017Series D$30 MillionExperian Ventures
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BankBazaar - Competitors

BankBazaar compititors are some companies like Policy Bazaar, Easypolicy, My Insurance Club to name a few. Though BankBazaar is one of the first fintech startups that simplified the complex task of choosing saving and investment tools for the Indian customers, these competitors are growing to acquire a fair share in the market.

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BankBazaar - Growth

With a team strength of over 1000, today BankBazaar is a trusted marketplace for many who are seeking profitable financial instruments for investment. The company claims that in the year 2018, 169 million unique visitors visited BankBazaar's website to buy financial products.

BankBazaar started with a few products on its website back in 2008, has now grown to offer a versatile range of financial products that include loans, credit cards, insurance and mutual funds from around 85 partners across the website and mobile application.

Moreover, with 85 financial institutions on board, BankBazaar added close to 15 to 20 new financial institutions in 2017. Also, BankBazaar added new products to its portfolio including two-wheeler insurance and free consumer credit score in association with Experian. Bank Bazaar also moved on to add completely paperless mutual funds in its versatile product mix.

According to certain reports, the CEO and co-founder of BankBazaar, Adhil attributes this growth to the company’s significant push towards ‘paperless’ deployment of financial products. At present, close to 60% of their total products on the platform are offered in a paperless digital manner thus not requiring customers to submit any physical documents.

Frequently Asked Questions About BankBazaar

When was BankBazaar founded?

BankBazaar was founded in 2008.

(Video) Building for Retail Credit Growth in the Next Decade

Who are BankBazaar's competitors?

BankBazaar's top competitors are Coverfox, Easypolicy, PolicyBazaar.

What is the bankbazaar business model?

BankBazaar's revenue comes from applications-based commission from banks. There is no commission or charge to customers.

How many employees does BankBazaar have?

BankBazaar has a team of 1050 employees at 5 offices.

Where is BankBazaar's headquarters?

BankBazaar's headquarters is in Chennai Tamil Nadu, IN

Who is BankBazaar's CEO?

BankBazaar's CEO is Adhil Shetty.

How much revenue does BankBazaar generate?

BankBazaar's operating revenue grew to INR. 103 Crore.

(Video) Paisa Bazaar| Success story | India Start-Up Stories | Tonight at 7 PM

What is BankBazaar?

BankBazaar.com is the world's first neutral online marketplace that gives customers instant customized quotes on loans, credit cards, mutual funds & insurance products.

What is BankBazaar credit score?

A credit score is a 3-digit number between 300 and 900 that describes the credit merit of a credit card holder or of an individual who has taken a loan. Same works for Bankbazaar credit score. In order to grant a loan in India, the potential lenders use the credit scores calculated by CIBIL TransUnion, Experian, Equifax or CRIF High Mark.


Is BankBazaar profitable? ›

"We are happy that we are growing profitably and we have delivered 85 per cent year-on-year top line growth in Q2FY23.

How does Bank Bazar work? ›

BankBazaar is the world's first neutral online marketplace that helps people compare and choose financial products such as loans, insurance, credit cards, fixed deposits, saving accounts, mutual funds etc., - over a highly secure, user friendly, and intuitive platform.

What are the apps like BankBazaar? ›

bankbazaar.com's top 5 competitors in December 2022 are: creditmantri.com, sbi.co.in, hdfcbank.com, axisbank.com, and more. According to Similarweb data of monthly visits, bankbazaar.com's top competitor in January 2023 is creditmantri.com with 2.9M visits.

What is Team BankBazaar? ›

BankBazaar.com is India's largest fintech co-branded Credit Card issuer and online platform. for free Credit Score with over 50Mn registered users. Supported by global investors. such as WSV, Experian, Eight Roads, Sequoia India, Walden International and.

What type of company is BankBazaar? ›

BankBazaar.com is India's largest fintech co-branded credit card issuer and online platform for free credit score. It has a captive base of 50Mn registered users who use the platform for free credit score tracking and in-depth personal finance content and comparison tools.

Which is better Paisabazaar or BankBazaar? ›

BANKBAZAAR.COM is most highly rated for Culture and Paisabazaar.com is most highly rated for Work/life balance.
Overall Rating.
Overall Rating3.74.0
Compensation and benefits3.53.8
Job security and advancement3.33.5
1 more row

What is the story of BankBazaar? ›

Bankbazaar was Founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty, BankBazaar is an initiative to provide a long-awaited solution to the rigged Indian banking system. In the industry of fintech startups, BankBazaar has set a different stratum for itself over the years.

How do banks segment their customers? ›

Some basic segmentation criteria include geography, income and spending habits. Through customer segmentation, banks can get to know their customers on a more personal level and offer them more tailored products and services.

What is bank market structure? ›

We use two main measures of the structure of banking markets – the size of banking systems and the degree of concentration of banks' assets. The size of banking markets is measured as the share of domestic credit to the private sector relative to GDP.

What is the best app based bank? ›

Best banking apps
  • Starling: Budgeting help + top overseas.
  • Chase: 1% cashback on purchases for a year.
  • Monzo: Spending notifications + budgeting help.
Jan 31, 2023

What is KYC BankBazaar? ›

The Know Your Customer (KYC) process is an important part of many banking transactions, from opening a savings account to loan applications.

What is the top financial app? ›

  • The best budget apps.
  • Mint, for just about everything.
  • YNAB, for hands-on zero-based budgeting.
  • Goodbudget, for hands-on envelope budgeting.
  • EveryDollar, for simple zero-based budgeting.
  • Personal Capital, for tracking wealth and spending.
  • PocketGuard, for a simplified budgeting snapshot.
  • Honeydue, for budgeting with a partner.
7 days ago

Who is the owner of BankBazaar? ›

Adhil Shetty - CEO - Bankbazaar.com | LinkedIn.

Which credit score does BankBazaar use? ›

You can check your Experian credit report by visiting BankBazaar.

What is the official name of BankBazaar? ›

BankBazaar.com (A&A Dukaan Financial Services Private Limited) is one of the leading online marketplaces for a wide range of financial products.

What FinTech means? ›

FinTech (financial technology) is a catch-all term referring to software, mobile applications, and other technologies created to improve and automate traditional forms of finance for businesses and consumers alike.

Where is BankBazaar located? ›

BankBazaar was founded in 2008. Where is BankBazaar's headquarters? BankBazaar's headquarters is located at 3rd Floor, Hameedia Center, Chennai.

Is BankBazaar and Policybazaar same? ›

bankbazaar.com isn't paisabazaar.com's only competition in the Finance > Finance - Other industry. See how paisabazaar.com stacks up against its other top competitors. cibil.comVS. wishfin.comVS.

Who is the number one finance company in India? ›

Answer: Some of the top financial institutions in India include Bajaj Finance Limited, Tata Capital Financial Services Ltd, Aditya Birla Finance Ltd, L & T Finance Ltd, Muthoot Finance Ltd, Mahindra & Mahindra Financial Services Limited, HDB Financial Services, Power Finance Corporation Limited, Shriram Transport ...

Is BankBazaar listed? ›

Online financial services marketplace BankBazaar plans an IPO to list on public markets by 2023, the company said Thursday, even as it clocked its first profit in the month of March 2022, and reported revenue growth in fiscal year 2021-22.

What is India's leading credit company? ›

The top four credit information companies in India are: Credit Information Bureau (India) Limited (CIBIL) Equifax. Experian.

How do I get rid of BankBazaar? ›

If you wish to cancel your account or request that we no longer use your information to provide you services, contact us at support@bankbazaar.com We will respond to your request within a reasonable timeframe.

What is World First Bank? ›

The oldest bank is called Banca Monte dei Paschi di Siena and in its original form was created in 1472. However, there is some disagreement about which is the oldest bank in the world, for two reasons.

How did YES Bank survive? ›

Private lender YES Bank completed two years this month after the State Bank of India (SBI), along with some private sector banks, rescued it after the Reserve Bank of India (RBI) put it under restrictions following weakening of financial position and inability to raise capital.

What are the 7 P's in banking services? ›

The seven 'Ps' are: product, price, promotion, place, people, processes and physical evidence.

Who are banks target audience? ›

You see, most banks base their segmentation around customer demographics (age, gender, income, geographic location, education, and so on). Although that's useful — for example, it might tell you that customers between the ages of 30–40 are the most likely to apply for a home loan — it can only take you so far.

What are the 5 typical customer channels that banks use? ›

  • Banking Channels.
  • Branch Banking.
  • Personal Net Banking.
  • Mobile Banking.
  • SMS & Missed call Banking.
  • USSD Banking.
  • Aadhaar Seva Kendra.

What are the 4 types of market structure? ›

Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.

What type of business structure are banks? ›

Typically, a bank is a corporation. The process of incorporating a bank does not differ significantly from that associated with creating any other type of for-profit corporation.

What are the basic types of banking structure? ›

They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions. These three types of institutions have become more like each other in recent decades, and their unique identities have become less distinct.

What is the number 1 online bank? ›

Capital One was named the “Best for Online Banking Experience” in NerdWallet's 2023 Best-Of Awards. Capital One offers a strong 3.40% APY on its savings account and high rates on its certificates of deposit, along with 0.10% APY on all checking balances.

What software do most banks use? ›

Generally, the top 10 banking software tools rely on . NET, Python, Ruby, and Java. Also, there are specific technologies for core banking development: Oracle FLEXCUBE, Finastra, Temenos, etc.

What software do big banks use? ›

Best Banking Software include:

SAP for Banking, CGI Open Finance, Oracle FLEXCUBE, Temenos Transact - Core Banking, TCS BaNCS, Validis, Mambu, Avaloq Banking Suite, Symphony™, and TurnKey Lender.

What is difference between KYC and eKYC? ›

Simply put, eKYC means the digitised version of the 'know your customer' protocol. KYC is a process that the RBI has made mandatory for financial institutions to carry out when verifying and authenticating a customer's personal data. There are many benefits to the KYC policy, and these apply to eKYC as well.

Who does KYC for banks? ›

All financial institutions are mandated by the RBI to do the KYC process for all customers before giving them the right to carry out any financial transactions. Whether the customer uses KYC online verification or opts for offline KYC, this is a simple one-time process.

What does KYC mean in banking? ›

Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing.

What is an example of a killer app? ›

Understanding Killer Applications

They are usually a product or service that is a primary source of competitive advantage for a company. A prime example is iTunes, which helped Apple Computer overcome inertia as a niche computer manufacturer to expand into the broader entertainment markets.

Who is best financial service company? ›

25 Most Trusted Financial Companies By IBD Trust Index Rating
RankCompanyTrust Rating
3Vanguard Brokerage89.8
4Charles Schwab88.6
21 more rows
Nov 12, 2021

What is the most trusted money app? ›

Best apps to send money
  • Best between friends: Venmo.
  • Best for bank-to-bank transfers: Zelle.
  • Best for flexible payments: PayPal.
  • Best for budding investors: CashApp.
  • Best for sending money internationally: Remitly.

How does BankBazaar make money? ›

BankBazaar's revenue comes from applications-based commission from banks. There is no commission or charge to customers.

Is Bandhan bank profitable? ›

Private sector bank Bandhan Bank on Friday reported that its net profit dipped by 66 per cent to Rs 290.6 crore year-on-year due to decline in net interest margin. Its net profit in Q3 2021-22 was Rs 859 crore.

Which bank made the most profit? ›

Historic Run
BankProfit in past 12 monthsHighest:
Goldman Sachs20.2Ever
Morgan Stanley13.7Ever
UBS7.6In a decade
2 more rows
Aug 3, 2021

What is the most profitable bank in the world? ›

China-based Industrial and Commercial Bank of China Ltd is the leading bank in the world (by revenue).

How do banks make money from online banking? ›

They earn fees for customer services, such as checking accounts, financial counseling, loan servicing and the sales of other financial products (e.g., insurance and mutual funds).


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