Paisabazaar also plans to launch corporate fixed deposits in the next one month
Paisabazaar will launch four television campaigns starting in August, focused largely on the lending products.
New Delhi, 28th July 2016 : Loan comparison platform Paisabazaar, in a move to expand its business portfolio, has ventured into the personal investment category. The company, which has so far focussed on credit disbursement, has now launched mutual funds and savings categories on its platform. It also plans to launch corporate fixed deposits in the next one month.
“We had all the lending products from a retail customers perspective on our platform. Now the other banking products left were financial products such as savings, fixed deposits and mutual funds. We have an aim of becoming one-stop shop for all financial products for a retail consumer whether from borrowing side or investment side,” said Naveen Kukreja, chief executive officer and founder of Paisabazaar.
Corporate fixed deposits are deposits offered by non-banking financial institutions who have the licence from the Reserve Bank of India for taking deposits by individual consumers.
In the mutual fund category it already claims to be doing 2,000 transactions on a monthly basis. In six months, it targets to reach 10,000 transactions per month.
About 65-70% of consumers coming to the platform are setting up SIP (systematic investment plan) which are of two to three year duration. The average value seen is of about Rs.3,000 per month, said Kukreja.
While mutual funds were introduced two months ago, savings avenues were launched four months back.
The company plans to create awareness about mutual funds through online marketing, said Kukreja.
Paisabazaar will also launch four television campaigns starting in August, focused largely on the lending products. On the other hand, he said the company would try to cross sell different products by analyzing a customer’s surplus income and purchase behavior on its platform.
Paisabazaar, which is operated by EtechAces Marketing and Consulting Pvt Ltd, reported loan disbursal of Rs.1,500 crore for the financial year 2016, with a monthly run rate of Rs.200 crore. It expects to end 2017 with loan disbursals amounting to Rs.4,500 crore.
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