BankBazaar.com, the No. 1 neutral marketplace in India for financial products disclosed its plan of hiring over 500 people by March 2021. The company is also planning to set up wage hikes and promotions across all levels effective January 1, 2021. All these reforms are intended to support their business expansion as they expect the FY21 to be a year of growth for the fintech company despite challenges.
Most of the hired persons (over 500 hires to be included by March 2021) will be placed in the domain of technology and customer service. Because BankBazaar’s main aim is to promote innovation and facilitate faster integration of digital Know Your Customer (KYC) and analytics solutions, as they form the key growth drivers for the company.
Apart from customer support, there will be open positions in the engineering team and product team. Hiring will be held across all BankBazaar locations in Chennai, Bengaluru, and Mumbai. At present, the company occupies about 1,000 employees.
Recently, BankBazaar had declared that their revenues are back to 70 percent of the peak pre-COVID-19 revenue. Top officials of the company said that they intend to scale up its digital KYC offerings so that they can provide contactless access to credit. Despite temporary mishaps during the pandemic, the company had maintained its growth momentum with straight revenue growth in six months. This was achieved without any further cost minimization or reduction in employee strength amidst the pandemic
Adhil Shetty, Co-founder, and CEO of BankBazaar commented that the performance of the company in the last seven months points out the strength of its technology and its potential to help partners in their journey towards a contactless lending process. He added that the company would like to see an increment in the demand for digital alternatives, and they are occupying themselves with a big diverse team to foster the next phase of progress and profitability.
Apart from hiring employees, the company also decides to set up salary hike and promotions across all levels effective January 1, 2021. The salary increment is made available to all employees, even those who are not eligible for a hike in the FY20 period. But the paid out bonuses offered by the company for FY20 is exclusively for the eligible employees.
