JOIN USOnline financial marketplace BankBazaar.com on Thursday said it plans to hire to support its rapid business expansion.
The company, which recently received a $30 million investment from Experian, has grown significantly in the last one year, almost tripling the number of visitors and doubling the revenue. To support this pace of growth, the company is planning to hire more people.
This round supplements the first hiring round announced in March 2017. This time, too, the marketplace's focus continues to be on product development and supply chain of financial products and plans to concentrate its hiring primarily across technology, product, and operational roles, a company release said.
At the close of the first round, there have been more than 400 hires till date, with the company looking to add as many as 300 more new employees.
BankBazaar has seen more than 20X growth in the last few years. The company saw 1 million visits a month in January 2014 when Sequoia invested in Series B, which went up to 5 million visits a month in June 2015 when Amazon invested Series C. In October 2017, when Experian invested in Series D, this number had touched 23 million.
BankBazaar is working on taking this number even higher by the end of the financial year and wants to reach 100 million visitors per quarter milestone in Q4 from 54 million per quarter in Q2 FY18.
The rise in the number of visitors has seen corresponding increase in revenue numbers as well. The company announced a 102% year-on-year increase (Oct16 - Oct17) in app submissions despite a 17% reduction is cost per transaction. This has contributed to a 14% increase in revenue per application and a whopping 129% growth in revenue compared to last year.
Adhil Shetty, Co-founder and CEO, BankBazaar, said: "Our paperless financial services delivery mechanism is unique in the market and give us a huge competitive edge in the long run. This clarity of vision has positioned us at the top of the financial services sector in India through increased customer adoption, and ensured that we are able to grow our business and revenues sustainably. We believe that FY18 will be a year of even more organic growth as India migrates to paperless."
The company has been steadily expanding its product range, and recently added two-wheeler insurance to its category of paperless products. BankBazaar is now focused on augmenting its existing categories with a wider range of products from more partner organisations.