BankBazaar Secures INR 55 Cr Funding, Enters Gold Loan Market with Muthoot Fincorp The latest infusion was made at a valuation of INR 1,700 crore (approximately USD 200 million), with Muthoot Fincorp contributing INR 15 crore.
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Chennai-based fintech platform BankBazaar has raised INR 55 crore (USD 6.44 million) in fresh funding from a group of investors, including Muthoot Fincorp and existing backer Walden International.
This investment is part of the company's ongoing Series D round, which also saw INR 80 crore (USD 9.6 million) raised in April 2024 via private placement. The latest infusion was made at a valuation of INR 1,700 crore (approximately USD 200 million), with Muthoot Fincorp contributing INR 15 crore.
With this round, BankBazaar's total equity funding has reached USD 116 million. Co-founder Adhil Shetty noted that the current round builds on the December 2023 raise and remains open as the company continues to explore strategic partnerships.
BankBazaar, known for its co-branded credit cards with Yes Bank, reported a 63% growth in this segment in FY24. It is targeting a 46% annual revenue growth between FY22 and FY25 and aims to achieve EBITDA profitability by FY25.
The company is also venturing into the gold loan market through a new partnership with Muthoot Fincorp, marking a strategic diversification of its product offerings in the financial services space.
