Non-Metros Fueling BankBazaar's Next Phase of Growth
- By NewsOnFloor Staff
- Jul 10, 2019
- 305 views
BankBazaar.com , India’s leading financial marketplace is deepening its presence across India with a 63% increase in non-metro visitors to the website in FY19 as compared to FY18. Of these, more than 54% are new visitors.
Cities like Mangaluru (271%), Kozhikode (259%), and Coimbatore (245%) showed the highest increase in the number of visitors in South India. East India showed a 62% increase in non-metro visitors followed by North India at 58% and West India at 51%. Some of the fastest growing cities in these regions are Agartala at 240%, Meerut at 244% and Surat at 220%.
Speaking about the increasingly pan-India growth, Adhil Shetty, Co-founder and CEO, BankBazaar, said , “There is a strong demand for online, instant financial services in smaller towns. Increasing levels of digitization have also made the business model viable for smaller towns and cities. Today, they are outpacing the metros in adopting new-age banking methods and are demanding services that are quick, efficient, and innovative. We believe that BankBazaar with its technology and platform can bridge any gap effectively by bringing the widest range of products tailored for every customer segment.”
The company gives credit to its Paperless platform for this growth. There has been an overall 46% year-on-year increase in the number of paperless transactions. In the Personal Loans category alone, there has been a 158% increase. As the company steps into its 12th year, with a view to accelerate this growth and support an increasing customer base, BankBazaar has shifted to a bigger office in Ticel Bio Park Phase-2, Taramani, Chennai.
BankBazaar.com hosts the widest range of financial products from over 50 of the biggest public and private sector banks and NBFCs in India. It closed FY19 with 160mn+ unique 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.
Source : business-wire-india