Chennai-based fintech platform BankBazaar has raised Rs 55 crore ($6.44 million) in fresh funding from a group of investors, including Muthoot Fincorp and existing backer Walden International. This latest capital infusion comes shortly after the company raised Rs 80 crore ($9.6 million) in April 2024, as part of its ongoing Series D round. The funding values BankBazaar at approximately Rs 1,700 crore ($200 million), with Muthoot Fincorp alone contributing Rs 15 crore.
While the funding itself is significant, it’s the company’s next strategic move that’s creating buzz. With Muthoot Fincorp on board, BankBazaar is venturing into the gold loan segment, expanding beyond its core offerings of co-branded credit cards—notably those in partnership with Yes Bank.
Co-founder Adhil Shetty emphasized that this raise is a continuation of their December 2023 round, which remains open. He also stated that BankBazaar is on track to achieve EBITDA profitability by FY25, driven by a 63% YoY growth in its credit card business and a projected 46% annual revenue growth rate between FY22 and FY25.
With a strong financial backbone and new verticals on the horizon, BankBazaar is poised for a significant leap in India’s competitive fintech space.