BankBazaar, a fintech platform, announced in a statement on Thursday that it is preparing to start its initial public offering (IPO). "This step marks a significant milestone in the company's journey towards sustainable growth and market leadership," it said.
"Through two separate debt financing rounds headed by Tata Capital and Nuvama Asset Management, the company has raised over Rs 50 crore." Additionally, it is currently soliciting capital for the ongoing Series D2 round. While the equity round is still underway and is anticipated to conclude by the upcoming quarter, the debt round was finished early this year, according to BankBazaar.
However, the fintech company withheld any more information on the first share offering.
In the meanwhile, the business declared unaudited operational revenue for FY24 (2022–2024) of Rs 215 crore.Our position in the market has been further strengthened by solid bank collaborations.We've kept losses almost unchanged while maintaining our growth momentum," the statement read.
"BankBazaar's strong foundation has enabled us to continue our growth trajectory," stated Adhil Shetty, co-founder and CEO of the company, "reaching 36 percent growth in FY24 on the basis of 54 percent and 63 percent year-on-year (YoY) growth in FY22 and FY23, respectively. In India, there are already 100 million credit cards in use, and the industry is expected to see substantial advancements and explosive development in FY25.We are in a strong position to take advantage of this industry development phase because to our emphasis on developing significant agreements with products that adhere to co-brand credit card laws to the letter."
The business further highlighted that, as compared to the prior year, the number of co-branded credit cards in force had increased by 62.5 percent in its co-branded credit card category.
This year we expanded our reach and improved our products with new collaborations, one of which was with a foreign bank — a first for Indian FinTechs. The future of financial services will be greatly influenced by the cooperation between banks and fintech companies.Pankaj Bansal, Chief Business Officer of BankBazaar, said, "We're thrilled about the potential these partnerships hold in advancing BankBazaar's vision of financial inclusivity and empowerment."
With the backing of international investors including Experian, Eight Roads, Peak XV (formerly Sequoia), WSV, and Amazon, BankBazaar has a user base of more than 6 crore.
