| Business Basics |
 |
|
| Company Name |
www.BankBazaar.com |
| Founded in |
2008 |
| Headquartered in |
Chennai |
| Company website/URL |
www.BankBazaar.com |
| Industry |
Finance |
| Stage of the company |
Scaling up |
| Source of idea |
Wanted it as an individual customer |
| Partnerships & Tie-ups |
Current Partners on www.BankBazaar.com include HDFC Bank, ING Vysya, Deutsche Bank, ABN AMRO, Reliance Consumer Finance, AIG Consumer Finance, Kota...> Read more.. |
| Partnerships & Tie-ups |
Current Partners on www.BankBazaar.com include HDFC Bank, ING Vysya, Deutsche Bank, ABN AMRO, Reliance Consumer Finance, AIG Consumer Finance, Kotak Mahindra Bank.
We are targeting to partner with all financial institutions to get the best deals for loans and insurance by the end of 2008.
< Back
|
|
|
|
|
| Business description |
BankBazaar.com is the world's first online marketplace which makes it possible for a loan-seeker to INSTANTLY get exact customized interest rate quotes online from multiple banks by filling a simple online form.
The customer does not even need to provide her/his name or contact information to get these customized offers. Our interface then makes...> Read more.. |
BankBazaar.com is the world's first online marketplace which makes it possible for a loan-seeker to INSTANTLY get exact customized interest rate quotes online from multiple banks by filling a simple online form.
The customer does not even need to provide her/his name or contact information to get these customized offers. Our interface then makes it very easy to compare these offers and apply online directly to the bank of customer's choice. The end-to-end process literally takes less than fifteen minutes, and does not require any phone calls. Since many banks are competing in a neutral marketplace, comparing the costs of various offers is simple and customers get loans at the best interest rates possible.
< Back
|
|
| How does the business make money? |
| We charge financial institutions a small fee for every loan disbursed through us.
|
|
| Team information |
Arjun Shetty, COO & co-founder: At Amazon.com in Seattle, Arjun was business owner of Amazon's US co-branded credit card program and developed an online account acquisition strategy that made the program into one of the world's largest co-branded credit card programs (signing-up 1.1MM+ accounts annually). Credit Analyst - Capital One. MS - Georgia Tech. BE- CEG, Anna Univ.
Rati Rajkumar, Chief Product Officer & co-founder: At Kraft Foods in the US and Taiwan, Rati managed the launch of Kraft brands in new markets. Bachelors in Business Administration, MOP Vaishnav.
Iype Isac, CTO: At Microsoft USA, Iype worked on clustering APIs / Resource Manager for Windows Failover Cluster Server. Credit Analyst - Capital One. MS - Virginia Tech. BE - CEG, Anna Univ.
Vimal Kumar, CIO- Security: At Amazon.com, Vimal designed a distributed database platform and fraud control system for Amazon's Flexible Payment Web Service. Engineer - Trilogy. BE - CEG, Anna University.
Gurjap Singh Kohli, VP Customer Service: As a Senior Team Lead at Satyam BPO, Gurjap has extensive customer service experience in operations & process excellence. |
|
|
| Competition |
|
|
| Competitors |
apnaloan, deal4loan, rupeetimes, easyfinance
|
| How different is your product or service? It has... |
No substitutes available |
| In what way is your product or service different? |
BankBazaar offers a far superior customer experience from the low-value loan aggregators such as apnaloan, deal4loans, rupeetalk etc. Here's how lo...> Read more.. |
|
|
|
|
| By The Numbers |
|
|
| |
2006 |
2007 |
| No. of employees |
Did not exist |
16-25 |
| No. of locations |
Did not exist |
0-1 |
| No. of customers |
Did not exist |
over 50 |
| Turnover |
Did not exist |
|
| Profits |
Did not exist |
preprofit |
|
| Primary source of initial funding |
Family & friends |
| Primary source of additional funding |
Venture capital |
| Raised institutional capital? |
Yes |
| Amount (INR) |
4 Crore/- |
| Investor |
AVT Infotech |
|
|
|
|
| Why is this startup hot? |
| BankBazaar.com is a hot start-up because we make the process of getting the best deal on a loan significantly easier and faster than any online or offline process anywhere in the world today. Our team is driving true innovation as we have roped in leading banks to integrate tightly with our intellectual property, to enable instant quotes for the first time....> Read more.. |
| BankBazaar.com is a hot start-up because we make the process of getting the best deal on a loan significantly easier and faster than any online or offline process anywhere in the world today. Our team is driving true innovation as we have roped in leading banks to integrate tightly with our intellectual property, to enable instant quotes for the first time. Additionally we have got a phenomenal team of people who've previously worked for some of the world's best firms (Amazon.com, Microsoft, Kraft, Deloitte Consulting, Trilogy, Capital One, Oracle) and studied at the world's best colleges (College of Engineering Guindy, REC - Trichy & Suratkal, BITS Pilani, Georgia Tech, Virginia Tech, Columbia University). Our advisory board includes a retired Chairman from the Indian Banks Association; a retired Chief Economist of the Asian Development Bank; a Director of Birla SunLife, Biocon & Cadbury India and a former Chairman of CII South.
< Back
|
|
| What keeps the team awake at night? |
| Making the loan process easier and faster by further breaking down the physical world complexities is our undying goal. Figuring out ways in which we can do this keeps us awake at night. Another goal that drives us is to be able to offer every type of loan and insurance product from every large bank, NBFC and insurance company in India. |
|
