Financial marketplace BankBazaar is investing Rs. 10 crore investment in its Singapore subsidiary. The company will also invest Rs. 5 crore in its Malaysian arm towards the end of the year.
BankBazaar entered the Singapore market in early 2016 with an initial outlay of Rs.1 crore. This was followed by a Rs. 5-crore investment in September last year. This second investment will be used for generating better brand awareness of the Singapore portal as well as for expanding the Singapore team, both onshore and offshore.
Speaking about the investment, Adhil Shetty, CEO, BankBazaar, said, “International markets like Singapore or Malaysia are showing positive signs for a business like ours. With the absence of a marketplace that is capable of providing end-to-end services across products, BankBazaar becomes the frontrunner by providing such a marketplace powered by completely paperless technology. Our technology is very flexible and adaptable. Hence, we are able to scale across these countries today without having to spend on technology resources. Hence, it makes a lot of business sense to invest in business development in what we see as very promising markets.”
The company sees huge potential in the international market and foresees almost 20% of the total revenue coming from international subsidiaries by 2020. “We are the pioneers of paperless finance in India, and aim to replicate our successes internationally. Today, the Singapore arm has already started generating revenue. We see a huge potential here, and so do our partners. We already have a few partners on board and are in talks with many more to increase this number,” added Shetty.
Towards the end of the year, BankBazaar will also be investing Rs.5 crore to spread its International business to BankBazaar to Malaysia. The company currently has a website live in Malaysia though the subsidiary will be set up in the second half of this year. It is also exploring other Asian and Middle Eastern markets including the UAE, the Philippines and Indonesia.