Indian financial marketplace BankBazaar has raked in INR450m ($5.96m) in Series D1 equity funding round to boost the delivery of its contactless personal finance products.
The Amazon-based company raised the funds from a new investor named WSV.
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Its existing investors such as Amazon, Sequoia India, Experian, and Eight Roads also joined the new funding round.
The latest funding brings the total amount raised by the company to date to INR8.74bn ($116m).
BankBazaar, which records 100 million visitors every quarter, has earmarked the latest funding proceeds for its countrywide business expansion.
BankBazaar recorded a 90% growth in its monthly organic traffic and its registered customer base increased to over 40 million between October and February this year.
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By GlobalDataFor the same period, the company’s monthly revenues surged 53% and the company recorded a 15% reduction in costs despite harsh market conditions.
BankBazaar CEO Adhil Shetty said: “BankBazaar has spent the last decade in building world-class infrastructure to enable Indians access financial products online from leading lenders across the country.
“We look forward to accelerating contactless credit from leading financiers and with this round have enough capital to get soon to break even and beyond.”
BankBazaar is said to be India’s first neutral online marketplace that offers customised loans and credit cards.
It also provides free consumer credit score to customers and has integrated with more than 50 financial institutions in the country.
