BankBazaar to double workforce to over 1,250 by 2016

Mumbai: Online financial marketplace BankBazaar aims to expand its workforce to over 1,250 people by March 2016 in a bid to strengthen its business.

“We are doubling our workforce annually, and are in a hiring drive. We will add up to 400 more people by March 2016,” BankBazaar CEO Adhil Shetty told PTI.

The company currently has over 850 employees, with 62% males and 38% females, he added.

“Interestingly, the women in the workforce is growing faster at a rate of over 110%, compared to an 80% growth rate in male employees,” Shetty said.

In July, BankBazaar raised Rs 375 crore ($60 million)N in its third strategic round which was led by Amazon with participation from Fidelity Growth Partners and Mousse Partners, along with existing investors Sequoia Capital and Walden International.

It is deploying these funds to expand its business, technology integration, hiring and strengthening partner relationships.

The company is also investing to upscale its marketing and branding effort to reach out to a larger number of consumers and create a house-hold financial services brand in India.

BankBazaar is spending about Rs 80 crore annually, on its market initiatives, Shetty said.

The company has invested heavily in its mobile application and claims that currently over 40% of its business comes through mobile traffic. By March 2016, it aims to have more than 70% of its business through mobile phones.

Established in 2008, BankBazaar is aiming to get a leadership position as a marketplace for financial products finance products including insurance policies, bank loans and credit card offers.

Over 30 insurance companies and financial institutions have integrated into its platform so far.