Non-metros fueling BankBazaar's next phase of growth

Bengaluru (Karnataka) [India] July 10 (ANI/BusinessWire India): BankBazaar.com, India's leading financial marketplace is deepening its presence across India with a 63 per cent increase in non-metro visitors to the website in FY19 as compared to FY18. Of these, more than 54 per cent are new visitors. BankBazaar is present in more than 1300 cities across India. The total increase in visitors in the last financial year, including metros, stood at 35.7 per cent.
As more and more first-time internet users log on to buy financial products online, BankBazaar noted a 92 per cent year-on-year increase in non-metro visitors from South India. Cities like Mangaluru (271 per cent), Kozhikode (259 per cent), and Coimbatore (245 per cent) showed the highest increase in the number of visitors in South India.
East India showed a 62 per cent increase in non-metro visitors followed by North India at 58 per cent and West India at 51 per cent. Some of the fastest growing cities in these regions are Agartala at 240 per cent, Meerut at 244 per cent and Surat at 220 per cent.
"There is a strong demand for online, instant financial services in smaller towns. Increasing levels of digitization have also made the business model viable for smaller towns and cities. Today, they are outpacing the metros in adopting new-age banking methods and are demanding services that are quick, efficient, and innovative. We believe that BankBazaar with its technology and platform can bridge any gap effectively by bringing the widest range of products tailored for every customer segment", said Adhil Shetty, Co-founder and CEO, BankBazaar.
The non-metro market made its presence felt strongly with higher average loan ticket sizes. According to BankBazaar, the average personal loan ticket size in non-metros is Rs 2.8 lakhs, higher than the average ticket size of Rs 2.55 lakhs in the metros. This trend has been seen across products.
The company gives credit to its Paperless platform for this growth. There has been an overall 46 per cent year-on-year increase in the number of paperless transactions. In the Personal Loans category alone, there has been a 158 per cent increase. As the company steps into its 12th year, with a view to accelerate this growth and support an increasing customer base, BankBazaar has shifted to a bigger office in Ticel Bio Park Phase-2, Taramani, Chennai.
BankBazaar.com hosts the widest range of financial products from over 50 of the biggest public and private sector banks and NBFCs in India. It closed FY19 with 160 million plus unique visitors. The company raised USD 110 million through funding from investors such as Amazon.com, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.
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