New Delhi, February 10, 2018: India’s largest online lending marketplace Paisabazaar.com has entered into a partnership with Microsoft to drive ‘industry first’ technology innovations on its platform using artificial intelligence and machine learning. As part of the overall partnership, Paisabazaar.com will move its entire infrastructure to Microsoft Azure.
Being India’s largest digital lending platform, Paisabazaar.com receives customers from varied segments from more than 750 cities and towns across India every month. By building cutting-edge technology on Microsoft cloud, Paisabazaar.com intends to offer customized, tailor-made and secure solutions for each consumer coming to its platform.
Paisabazaar.com will work extensively on futuristic technologies like artificial intelligence and machine learning to benefit customers in three key ways:
- It will help identify customer needs more accurately, factoring in their lifestyle and life-stage.
- It will help sharpen product recommendations and underwriting decisions. This will also expedite the processes on the Paisabazaar platform through further automation and digitization, in line with its philosophy of creating ‘paperless’ and ‘presence-less’ processes.
- It will build innovative features like chat-bots, image recognition, voice analytics and language processing to take the customer experience to the next level.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “At Paisabazaar.com, one of our aims is to simplify personal finance for our customers through technology. We are excited to partner with Microsoft in this journey where we would, together, not only delight consumers through a never-seen-before digital experience, but also help them save both time and money through more customized solutions.”
Meetul Patel, Chief Operating Officer, Microsoft India said, “We are happy to partner with Paisabazaar.com in their endeavour to deliver an innovative and unique customer experience. This partnership will enable Paisabaazar to utilize the power of Microsoft’s cutting edge AI services to develop novel solutions and deliver greater value to their rapidly growing customer base”.
Jagmal Singh, CTO, Paisabazaar.com, said, “The traffic on the Paisabazaar platform is growing at 350% annually. Microsoft’s cloud-based system would help us not just create a frictionless experience but also world class data analysis systems. Both Paisabazaar and Microsoft are committed to build new technologies that will create a new normal in the financial services industry.”
In sync with the Government’s recent financial technology announcements under its Digital India initiative, Paisabazaar, in partnership with Microsoft continues to enable financial growth for, both, individuals and MSMEs through world class digital financial management.
Founded in 1975, Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more. Microsoft set up its India operations in 1990. Today, Microsoft entities in India have over 8,000 employees, engaged in sales and marketing, research and development and customer services and support, across 11 Indian cities – Ahmedabad, Bangalore, Chennai, New Delhi, Gurugram, Noida, Hyderabad, Kochi, Kolkata, Mumbai and Pune. Microsoft offers its global cloud services from local datacenters to accelerate digital transformation across Indian start-ups, businesses, and government agencies. In 2016, Microsoft opened one of its eight Cybersecurity Engagement Centers in the country, to address security needs of both public and private sectors.
Paisabazaar.com is India’s largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth.
It is the only marketplace in India to disburse loans worth Rs 360 crore to more than 450 cities and towns. The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs 25000 crore by 2020.
The portal has been conferred with Economic Times “Best Fintech Brand” (2018) Economic Times “Best BFSI Brand” (2016), Money Tech “Startup of the Year” (2017) and Money Tech “Best Customer Experience Innovation” (2017) awards.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.