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Amazon leads $60m round for India's BankBazaar

  • Holden Mann
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Amazon India has led a INR3.75 billion ($60 million) Series C round for Indian financial marketplace BankBazaar.com, with participation from Fidelity Growth Partners and Mousse Partners, along with existing investors Sequoia Capital and Walden International.

BankBazaar connects customers to financial products, offering instant customized quotes for credit cards, personal loans and insurance policies from 23 leading Indian financial institutions and insurance firms. According to a release, the company will use the new funding to improve its mobile app and web portal, and to invest in marketing to increase consumer awareness of online finance.

Rivals of BankBazaar include PolicyBazaar, which raised a $40 million Series D round led by PremjiInvest earlier this year, and PaisaBazaar. BankBazaar is India's top online provider of loans by market share.

Sequoia previously invested in BankBazaar in 2014, leading a $13 million round that also saw participation by Walden. Walden invested $6 million in the company in 2011.

BankBazaar's efforts to increase credit card penetration in India could help online retailers like Amazon, whose growth has been hampered by the slow spread of credit cards. A number of Indian start-ups have attracted investment recently by creating and promoting alternative payment methods for e-commerce.

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