In its Drive to Accelerate Financial Inclusion Digitally, Paisabazaar Reaches 926 Locations
Paisabazaar.com, India’s largest loans and cards marketplace, announced today that it received more than 15 lakh product applications from 926 cities and towns across India last month.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com
“Being the largest independent platform for lending products in the country, we have seen a huge surge in customers coming to us from outside the top 30 metros in the last couple of years. One of the biggest reasons behind this trend has been the rise of connected smartphone users. Today, around 85% users access our platform via mobile, compared to 55% around 18 months ago,” said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
Paisabazaar.com, which disburses Rs. 6000 crore worth of loans on an annualized basis, received applications for lending products from almost 100% of these locations. Digital Savings Accounts, which was launched by Paisabazaar.com less than 2 years ago, was applied for from 875 locations.
In the investment category, customers from 314 cities and towns used the Paisabazaar platform to invest in Mutual Funds in March. Currently, Paisabazaar has Mutual Fund customers from 820 locations across the country; over 60% of its total customers are from outside the Top 15 metro cities.
Paisabazaar.com said, “The ease of use, easy to understand language and the cutting edge technology on its platform has attracted users from across the country.”
“Also, since we have over 75 partnerships with top private and public banks, NBFCs, digital lenders and AMCs, we are able to cater to varied customer segments for each of their financial need – whether they need to borrow, invest or save. Innovations like free credit score, instant approvals on products and paperless and presence-less processes have helped us create an industry-first experience for our customers. The focus now is to raise this experience further through use of technology and data. This will help us broaden our reach further,” said Naveen Kukreja.
Paisabazaar.com is India’s largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth.
It is the only marketplace in India to disburse loans worth Rs. 360 crore in a month to more than 450 cities and towns. The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs. 25000 crore by 2020.
The portal has been conferred with Economic Times “Best Fintech Brand” (2018) Economic Times “Best BFSI Brand” (2016), Money Tech “Startup of the Year” (2017) and Money Tech “Best Customer Experience Innovation” (2017) awards.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and has backing from host of investors including the likes of Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.