BankBazaar, world’s first multi-brand paperless platform for instant approval on financial products, announced a major business milestone achievement of having achieved positive unit economics, i.e., the revenue it gains per transaction is higher than the marketing and operational cost for that transaction.
With this news, BankBazaar joins the ranks of the very few young companies who have achieved this milestone, and establishes itself as a stable and rapidly growing young company.
During the announcement, BankBazaar also shared its growth in unique visitors. The company used to get 7 million UVs on an average until October 2016, which grew to 14 million UVs at the close of January 2017. Approx. 56 percent of the traffic to the site is through the mobile website. The company also revealed an approximately 20 percent reduction in cost per unique visitors via paid channels for credit cards and more than 50 percent less spends to get unique visitors for overall loans. Personal loans contributed the most with 67 percent reduction in cost here. There are also plans for growth and consolidation with the hiring of approximately 400 employees especially in the tech and operations functions.
Speaking about the developments, Navin Chandani, chief business development officer (CBDO), of BankBazaar said, “…we crossed the milestone of having achieved positive unit economics on every transaction. So we take this opportunity to thank our partners and customers who have trusted us and have been with us and inspired us at every step of our journey. As we end this year with a bang, we look forward to more opportunities in future to engage with our partners and make our customers’ financial journey seamless and easier.”
BankBazaar hosts the widest range of financial products from over 75 of the biggest public and private sector banks, NBFCs, and insurance companies in India. It gets an average of 7,000,000 visitors per month. The company raised 80 million dollars through funding from investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.
BankBazaar, ranked as the best financial website in India by the Internet And Mobile Association of India (IAMAI) and the best emerging brand in Asia by CMO Asia, is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products.