BankBazaar invests Rs 5 Cr in it's Singapore arm to capture overseas market

BankBazaar.com is pumping about Rs 5 crore into its Singapore arm BankBazaar International as it looks to broaden its operations in the overseas markets.

The firm, which runs an online marketplace that offers instant customised rate quotes on loans or other personal finance products, said it was also exploring other Asian and Middle Eastern markets.

The BankBazaar domain is already live in Malaysia and the company is also looking at other markets such as the UAE, Philippines and Indonesia. CEO Adhil Shetty told ET that the expansion in Singapore was cost-efficient since the site was built on the company's IP.

It made an initial outlay of about Rs 1 crore earlier this year to enter Singapore and has tied up with 12 banks.

The company has raised a total of $80 million through funding from investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.

"The preparatory work we have done with banking partners in the last six months has us excited about giving the Singaporean consumer a transparent, tailored, unique, and genuinely easy buying experience," Aman Narain, CEO of BankBazaar International, said.