Chandigarh 25th May:- BankBazaar.com, India’s leading financial marketplace, attributes a six fold increase in traffic coming from Tier-2 and Tier-3 cities of India over the last two years as a key driver for its growth. According to the company, the
Pointing out the increasingly pan-India growth, Adhil Shetty, Co-founder and CEO, BankBazaar, said that we are happy that we are setting a positive example in the story of India’s digital journey. The increase in the traffic from the tier-2, tier-3 cities shows the extent of influence digitization is making with more and more people getting access to financial services on their finger-tips. The fact that customers are adopting the new-age banking methods gives immense scope for players like us to provide services that are quick, efficient, and innovative.
The main growth driver for BankBazaar has been the paperless process which reduces the time required for the approval of unsecured credit products as little as one business day. The coupon programmes that made applying for financial processes as exciting as shopping were an additional attraction for customers across demographics.
The rise in the contribution of the tier-2 and tier-3 cities made significant impact on the overall traffic as well. Traffic has grown by 350% from 2016 to 2018, and in the final quarter of 2016-17 alone, the overall traffic shot up by 52%. This percentage increase in the traffic makes our overarching aim of reaching 400 million visits by FY19 a near future scenario.
BankBazaar hosts the widest range of financial products from over 85 of the biggest public and private sector banks, NBFCs, and insurance companies in India. It closed the last quarter (December-February) with 90M visitors. The company raised USD 110M through funding from investors such as Amazon.com, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.