Chennai-based fintech company BankBazaar has secured Rs 55 crore (USD 6.44 million) in its latest Series D funding round. This new investment was led by Muthoot Fincorp and existing investor Walden International. The funding follows an earlier round in April 2024 where the company raised Rs 80 crore (USD 9.6 million) through private placement. With this latest round, BankBazaar’s total equity funding now stands at an impressive USD 116 million.
The recent funding was made at a valuation of Rs 1,700 crore, which is approximately USD 200 million. Muthoot Fincorp contributed Rs 15 crore to this round, marking its strong commitment to supporting BankBazaar’s growth. Co-founder Adhil Shetty shared that this round continues to build on the December 2023 raise and is still open as the company seeks further strategic partnerships.
Gold Loan Market Entry Through Muthoot Fincorp
Alongside the funding news, BankBazaar announced its entry into the gold loan market by joining hands with Muthoot Fincorp. This strategic partnership will allow BankBazaar to expand its financial product offerings, targeting a wider segment of Indian consumers who rely on gold loans for urgent credit needs. This move marks a major step for the fintech platform as it aims to become a more comprehensive financial services provider.
BankBazaar is already known for its co-branded credit cards, particularly in collaboration with Yes Bank. The company reported a 63% year-on-year growth in this segment during FY24. Looking ahead, the company is targeting an annual revenue growth of 46% between FY22 and FY25. It is also aiming to reach EBITDA profitability by the end of FY25, showcasing its long-term focus on financial sustainability.
About BankBazaar and Its Fintech Journey
Founded in Chennai, BankBazaar is one of India’s leading digital platforms offering a wide range of financial services, including credit cards, loans, and insurance. It connects users to trusted financial institutions with real-time eligibility checks and instant approvals. With its latest funding and product expansion, BankBazaar is positioning itself as a key player in the evolving Indian fintech ecosystem. The firm’s consistent innovation, strong partnerships, and technology-driven approach continue to make financial access simpler for millions of Indians.
