Paisabazaar.com, India's No.1 Loans and Cards Marketplace announced 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, CEO and 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."
"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 percent of the total unsecured lending market. Our goal over the next 4 years is to reach 10 percent 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," added Naveen Kukreja, CEO and Co-founder, Paisabazaar.com.
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 annualised loan disbursal amount of Rs. 6000 crore.
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