BankBazaar to invest Rs15 crore in international business
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Mumbai: Financial marketplace BankBazaar on Friday said it will invest Rs15 crore in international business to boost brand awareness and business development in Singapore and Malaysia.
The company is increasing its investment in Singapore with an additional Rs10 crore investment in its subsidiary and will also invest Rs5 crore in its Malaysian arm towards the end of the year, it said in a statement. BankBazaar entered the Singapore market in early 2016 with an initial outlay of Rs1 crore, which was followed by a Rs5 crore investment in September last year.
“International markets like Singapore or Malaysia are showing positive signs for a business like ours. We are able to scale across these countries today without having to spend on technology resources. Hence, it makes a lot of business sense to invest in business development in what we see as very promising markets,” BankBazaar CEO Adhil Shetty said. The company is expecting almost 20% of the total revenue coming from international subsidiaries by 2020.
“The Singapore arm has already started generating revenue. We see a huge potential here, and so do our partners. We already have a few partners on board and are in talks with many more to increase this number,” Shetty said. It is also exploring opportunities in other Southeast Asian and West Asian markets including the UAE, the Philippines and Indonesia.