Amazon is all set to invest Rs. 375 crore in Bank Bazaar, a financial services portal. This being its second investment after it picked up a minority stake in QwikCilver Solutions, a gift card technology and retail firm. Apart from Amazon, Fidelity Growth Partners and Mousse Partners also participated in the funding round.
BankBazaar is likely to use these funds to enhance its technology integration, hiring and strengthening partner relationships whilst boosting marketing and branding efforts. Also, BankBazaar is keen to invest in mobile application platform which is available on Android and iOS platform.
Mr. Adhil Shetty, the co-founder and CEO of Bank Bazaar expressed his views on this round of funding by stating that, ‘Amazon is an innovative company that perceives consumer needs and innovates on their behalf. As the digital economy in India develops, Amazon will be an important investor in the robust and rapid growth of BankBazaar.”