Paisabazaar.com gets Fresh Rs. 200 Crore Investment

Paisabazaar.com, India’s No.1 Loans and Cards Marketplace, announced today that it has received an additional funding of Rs. 200 crore from EtechAces Marketing and Consulting Private Limited, the parent company for both policybazaar.com and paisabazaar.com. EtechAces had recently raised Rs 500 crore from existing and new investors, which include True North and IDG Venture Partners.

Paisabazaar.com was founded in February 2014 and has since then witnessed staggering growth to become India’s No. 1 marketplace for lending products since January 2017.

Yashish Dahiya - Group CEO & Co-founder, Policybazaar.com

Yashish Dahiya, CEO & Co-founder, Policybazaar, said, “As a group, we aim to transform the way financial services are offered to customers in India, whether its insurance or lending and investment products. Paisabazaar has tripled its business every year since inception. The focus now is completely on creating an unparalleled consumer experience, through technology, innovation and strong customer service, and expanding Paisabazaar’s reach further.”

Naveen Kukreja - CEO & Co-founder, Paisabazaar

Naveen Kukreja, CEO and Co-founder, Paisabazaar.com, said, “It’s been an exciting journey for us to reach where we have today. While we have achieved market leadership for lending products, we are at only around 2% of the total unsecured lending market. Our goal over the next 4 years is to reach 10% of this market. We intend to scale rapidly on our savings and mutual funds lines as well. The fresh capital would help us invest further in product and brand initiatives. Another big focus area for us this year would be building new technologies and using machine learning and AI to sharpen consumer experience.”

Currently, customers from over 750 cities and towns use the Paisabazaar platform every month for their borrowing and investment needs. It disburses loans worth Rs. 4500 core annually and issues 2.5 lakh Credit Cards. Last year, Paisabazaar expanded its product suite and launched digital savings accounts and Mutual funds categories. So far, it has opened 1 lakh new savings accounts and achieved an AUM of Rs. 1000 crore through Mutual Funds.

Paisabazaar.com says its target for March 2018 is to hit an annualized loan disbursal amount of Rs. 6000 crore.

About PaisaBazaar.com

Paisabazaar.com is India's largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth and now has over 33 million visitors coming to its website each year.

It is the only financial player to disburse loans worth Rs. 2500 crore worth in a financial year (2016-17). The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs. 25000 crore by 2020.

The portal has been conferred with Economic Times "Best BFSI Brand Award", Money Tech “Startup of the Year" and Money Tech “Best Customer Experience Innovation” in the last one year.  Apart from this, Paisabazaar.com has been recognized as an “Emerging Brand” at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.

Paisabazaar is part of Policybazaar group, India's largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest,  Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.