National, November 12, 2020: BankBazaar.com, India’s leading free credit score provider and online financial product marketplace, announced comprehensive hiring plans to support business expansion. The company, which recently announced that its revenues are back to 70% of the peak pre-Covid revenue, has plans to scale up its digital KYC offerings to facilitate contactless access to credit. Majority of the 500+ hires would be for the Technology and Customer Service domains as BankBazaar looks to accelerate innovation and enable faster integration of Digital KYC and analytics solutions – the key growth drivers for the company. Hiring will take place across all BankBazaar locations in Chennai, Bangalore, and Mumbai.
BankBazaar had a great run in the first five months of H2-FY20 and was trending to hit EBITDA positivity when Covid-19 hit in March 2020. In FY21, despite temporary setbacks due to the pandemic, BankBazaar retained the growth momentum with 6 months of straight revenue growth. This was achieved without any additional cost-cutting or reduction in employee strength during the pandemic. The company attributes this growth to their first-mover advantage when it came to facilitating Digital KYC solutions and their AI and ML predictive matching technology that connects customers to the right financial product.
Adhil Shetty, Co-Founder & CEO, BankBazaar, says: “Our performance in the last 7 months underscores the strength of our technology and our ability to help our partners in their journey towards an entirely contactless lending process. Achieving such great results in tough times would not have been possible without the support of our investors’ trust in BankBazaar and its vision, and our brilliant team which has pulled out all stops time and again to make BankBazaar synonymous with innovation and disruption. We are continuing to see an increase in the demand for digital alternatives, and we are readying ourselves with a bigger and more diverse team to drive the next phase of growth and profitability at BankBazaar.”
V Sriram, Chief HR Officer, BankBazaar, says: “We believe that FY21 will be a year of growth despite the challenges as India adopts Contactless processes more than ever. We are positive about hiring and are looking to welcome professionals who are culturally and technically fit to meet our organization’s high growth goals.” Along with increased hiring, the company is also rolling out salary increments and promotions across all levels effective 01 January 2021. Salary hikes will be identical to previous years. The company has also paid out bonuses for FY20 to the eligible employees.
BankBazaar.com is India’s first neutral online marketplace that gives instant customized offers on loans and credit cards. It also provides customers free consumer credit score on its portal. Over 50+ of India’s leading financial institutions have chosen to integrate themselves with the platform. Including this recent round, BankBazaar has so far raised USD 116M in funding from investors such as Experian, Eight Roads, Sequoia India, Walden International, WSV, and Amazon.
Nanda Padmanabhan | BankBazaar | [email protected]