Global growth investor Sequoia Capital has led a INR80 crore ($13m) Series C investment in Indian financial services website BankBazaar.com, alongside existing backer Walden International, according to the Economic Times.
The investment was made from Sequoia’s $1.4bn global investment vehicle, and is the firm’s first in India in 2014.
BankBazaar.com provides customised rate quotes on loans and insurance products for free, charging financial institutions and insurance firms such as HDFC, ICICI and Axis Bank.
The company was founded by former Deloitte executive Adhil Shetty.India’s online loan market is growing at 90 per cent, while the overall loan market is growing at 15 per cent, he said. The capital will go towards building the company’s mobile platform.
Globally-focused venture capital firm Walden previously invest INR28 crore in BankBazaar.com in 2011.
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