BankBazaar today announces the appointment of Ramesh Srinivasan as its new CFO. Ramesh has over 2 decades of experience in the Banking & Financial Services Industry. He was earlier associated with Hitachi Payment Services as CFO as well in charge of business planning and strategy for BNA & CRM.
A Chartered Accountant and Cost Accountant by education, Ramesh has been a part of organizations such as AT&T‚ NCR, and Optimus. In his current role with BankBazaar, he would be responsible for leading the company towards an IPO release.
Commenting on the appointment, Adhil Shetty, CEO, BankBazaar, said, “This is a very exciting time for BankBazaar. Our technology and paperless platform have made BankBazaar the flag-bearer in helping customers access the right financial products online in the safest and simplest manner. Now we are looking to consolidate our successes and plan ahead with an eye on releasing our IPO in 2020-22. We are confident that Ramesh’s expertise in developing financial processes will take us further on our path.”
Since the last financial year, BankBazaar witnessed a remarkable growth. The company has made great strides in developing a paperless platform for a range of products, implementing the world’s first multi-brand platform for unsecured credit products such as personal loans and credit cards, along with paperless investment products.
The number of unique visitors per month grew from 9M in March 2016 to 17M in March 2017. This is despite a 50% reduction in cost per customer acquisition. The company also announced positive unit economics on every transaction in the last financial year and is on track to achieve EBITDA profitability from December 2017. The year 2016 also saw BankBazaar’s expansion into the international market beginning with Singapore followed by Malaysia in 2017.
BankBazaar is funded by global investors such as Walden International, Sequoia Capital, Fidelity Growth Partners, Mousse Partners and Amazon, and has received the investment of $80M till date.