BankBazaar has secured Rs 55 crore ($6.44 million) in fresh funding from a group of investors, including Muthoot Fincorp and existing investor Walden International.
Earlier in April 2024, the Chennai-based company had raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement.
The fresh investment was made at a valuation of around Rs 1,700 crore (approximately $200 million). Muthoot Fincorp alone invested Rs 15 crore in this round.
With the investment from Muthoot Fincorp, BankBazaar’s total equity funding has risen to $116 million.
According to BankBazaar co-founder Adhil Shetty, this funding is a continuation of the company’s previous round from December 2023. He stated that the round remains open as the company explores further options.
In FY24, the company recorded a 63% growth in its co-branded credit card business and expects to maintain a 46% annual revenue growth rate between FY22 and FY25.
According to Shetty, the company is on track to reach EBITDA profitability for the full year in FY25.
BankBazaar offers co-branded credit cards with Yes Bank. Along with the funding, BankBazaar has partnered with Muthoot Fincorp to enter the gold loan segment.