Online marketplace BankBazaar raised Rs 130 Cr Equity & Debt funding in Series D round
In its current Series D round through private placement, BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million). For the company, this is the first round of funding in 2024.
Based on its regulatory filing sourced from the RoC, BankBazaar’s board has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each, raising Rs 80 crore.
The company intends to use this money for growth, expansion, and meeting capital requirements, per the filings.
Three installments of Rs 46.35 crore have already been given to BankBazaar, and the remaining sum will shortly be credited to its account.
A separate filing from Vistra ITCL (India) Limited shows that the company backed by Peak XV Partners also raised Rs 50 crore through convertible share warrants and non-convertible debentures.
The Chennai-based company’s estimated post-allotment valuation is $217 million, according to the media.
In addition to offering credit score checks, BankBazaar is a co-branded credit card issuer that also offers insurance and loans from other companies. According to the company’s website, it has over 50 million customers and has partnered with over 50 banks.
Thus far, the fifteen-year-old company has secured over $110 million in funding from various sources, including Amazon, GUS Holdings, Walden Investments, and Eight Roads.
The company reported that it had reached breakeven with revenue of Rs 250 crore in FY24, but its operational revenue increased by 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. Its losses in FY23, however, were Rs 27 crore.
