BankBazaar, the popular online marketplace for financial products, has successfully raised Rs 130 crore ($15.6 million) in a recent funding round comprising equity and debt financing. This marks the firm’s first investment round in 2024.
The company secured Rs 80 crore through private placement in its ongoing Series D round. The board at BankBazaar passed a special resolution authorizing the issuance of up to 22,821 Series D2 Cumulative Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 3,727 each, aimed at raising the amount as mentioned earlier. Regulatory filings obtained from the RoC confirm this development.
As stated in the filings, the funds raised will be utilized for various purposes, including meeting capital requirements, expansion initiatives, and fueling further growth.
Out of the total amount, Rs 46.35 crore has already been received by BankBazaar in three tranches, with the remainder expected to be deposited soon.
Additionally, according to a separate filing, the company raised Rs 50 crore through a combination of non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited.
BankBazaar, headquartered in Chennai, is a co-branded credit card issuer that provides services such as credit score checks and cross-selling third-party loans and insurance products. With partnerships with over 50 banks, the company boasts a customer base exceeding 50 million.
Founded 15 years ago, BankBazaar has secured over $110 million in funding from prominent investors, including Amazon, GUS Holdings, Walden Investments, and Eight Roads.
