Betting on India's e-commerce market, Amazon has made its second investment in an Indian startup. Amazon participated in Bankbazaar's $60m Series C. Bankbazaar is moving from the online loan and credit card market, to other personal financial products. The startup has signed up more than 23 banking partners in order to provide a range of financial services to the consumer.
Financial marketplace BankBazaar.com has raised Rs 375 crore ($60 million) in its Series ‘C’ funding round which was led by Amazon and participated by Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also participated in this round. This is said to be the biggest funding round in the online financial products market space. In April this year, online policy aggregator PolicyBazaar had raised $40 million in a series D round from a clutch of investors led by PremjiInvest and participated by Tiger Global and Ribbit Capital among others. The investment in BankBazaar.com is Amazon’s second investment in the e-commerce space in India. Earlier, the global retail giant had invested in QwikCilver Solutions, a Bangalore-based online gift company when the latter raised its last round of funding to the tune of Rs 60 crore ($10 million).