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BankBazaar.com raises $6m from Walden International

BankBazaar.com, an online loan information and processing site, has raised $ 6 million in venture capital round leading global fund www.waldenintl.com Walden International.

Rajesh Subramaniam, Managing Director of Walden India, joined the board of BankBazaar.

The company will use the funds to hire more financial services and technology experts.

It has on its advisory board Arvind Panagariya, Bhagwati Professor of Economics at Columbia University and retired chief economist at the Asian Development Bank, N Rangachary, the founding president of the Insurance Regulatory and Development Authority ( IRDA) of India, VP Shetty, Director of JM Financial Securities Pvt Ltd and Suresh Talwar, Thakore associated Talwar & Associates and director of Cadbury India, Birla Sun Life BioCon.

BankBazaar.com founded by Arjun Shetty, Rajkumar Rati and Adhil Shetty in Chennai in 2008, claims to allow online users to find the best deal for home, car or personal loans. It also offers tools to calculate SIP and loan refinancing. BankBazaar partners with national and global banks such as HDFC, Axis Bank, Standard Chartered, Deutsche Bank, ING, Kotak Mahindra and ICICI Bank to offer instant interest rate quotes and approvals on loans.

"Currently, the process of applying for loans in India, from finding the best deal, applying and getting it processed is cumbersome and time consuming. BankBazaar.com’s solution not only helps the consumers in getting the best deals on the loans online, but also provides end-to-end fulfillment by enabling online processing of loans. It also helps banks in reducing the turn-around-time, enriching customer experience and reduces costs. This is a win-win situation for both banks and consumers," said Rajesh Subramaniam, Managing Director of Walden India.

"The funding will help us in enhancing our reach to consumers and offerings across loan and insurance products, thus enriching customer experience," said Adhil Shetty, CEO, BankBazaar.com.

Walden has USD 1.9 billion in committed capital for investments and invests in clean technology, Internet and digital media, semiconductors, software and IT Services as well as companies in the emerging technologies domain.

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