BankBazaar to invest
₹30 crore for expansion
Financial services aggregator BankBazaar will be investing ₹30 crore during the current fiscal in the international markets as part of its expansion plans, said a top official. “In the current year, we will invest ₹30 crore on people, infrastructure and customer acquisition,” said Adhil Shetty, co-founder and CEO, BankBazaar. “Besides, we will be entering Australia and target other Asian markets.”
Presently, BankBazaar has its presence in Chennai, Singapore and Malaysia. In Singapore, it has tied-up with 10 financial institutions.
“Currently, the revenue from international operations accounts for 10%. We hope it would touch 20% in the current financial year,” he said.
Mr. Shetty said their aim was to be the world’s largest digital marketplace to enable paperless access to finance.
For the year ended March 2018, the company’s total revenues grew to ₹118 crore from ₹71 crore due to increase in organic transactions.
As part of the 10th anniversary celebrations, BankBazaar rolled out its first Aspiration Index of millennials that tries to understand the Indian millennial from a personal finance perspective. It is based on six goals – wealth, fame, image, relationships, personal growth and health.
According to the findings, wealth is the topmost priority for millennials followed by health and fame. South topped the Aspiration Index at 88.5 higher than the national average. Chennai topped the chart with 88.8, followed by Jaipur at 88.5.
