BankBazaar Secures Funding of Rs 55 Crore

BankBazaar has successfully acquired Rs 55 crore (approximately $6.44 million) in new investment from a consortium of investors, including Muthoot Fincorp along with existing backer Walden International. This is part of BankBazaar’s ongoing efforts to strengthen its financial footing.

In April 2024, the Chennai-based firm had already raised Rs 80 crore ($9.6 million) during its ongoing Series D financing through private placement. The latest funding round has received a valuation of approximately Rs 1,700 crore (around $200 million), with Muthoot Fincorp alone contributing Rs 15 crore in this phase.

With this latest backing from Muthoot Fincorp, BankBazaar’s total equity funding has now reached $116 million. Co-founder Adhil Shetty noted that this capital injection is a continuation of the company’s previous funding round from December 2023 and mentioned that the fundraising process remains open as the company looks into additional financing opportunities.

In the financial year 2024 (FY24), BankBazaar reported an impressive growth rate of 63% in its co-branded credit card sector and anticipates sustaining a robust annual revenue growth rate of 46% from FY22 to FY25. Shetty mentioned that the organisation is on a path to achieve EBITDA profitability by the close of FY25.

BankBazaar is known for its co-branded credit cards offered in collaboration with Yes Bank. Additionally, with the recent infusion of funds, BankBazaar has partnered with Muthoot Fincorp to make inroads into the gold loan market.