IPO-bound BankBazaar.com reports 36% revenue growth in FY24, losses nearly flat
To fuel its growth requirements, the company has secured over Rs 50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. BankBazaar, which has raised around $116 million in equity so far, is also in the process of raising another round of equity in the ongoing Series D2 round.
Fintech firm , which is expected to file IPO papers in the next 12-18 months, on Thursday announced that its revenue has grown by 36% in FY24 to Rs 215 crore, while losses are nearly flat.In a move to fuel its growth requirements, the company has secured over Rs 50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. BankBazaar, which has raised around $116 million in equity so far, is also in the process of raising another round of equity in the ongoing Series D2 round.
"BankBazaar’s strong foundation has enabled us to continue our growth trajectory, achieving 36% growth in FY24 on the back of 54% and 63% year-on-year (YoY) growth in FY22 and FY23, respectively. There are now 100 million active credit cards in India, and FY25 is poised for significant innovations and rapid growth in this space," said BankBazaar CEO and Co-founder Adhil Shetty.
This growth trajectory is driven by the company’s new and existing strategic partnerships for co-branded credit cards with leading commercial banks.
The company has experienced remarkable growth in its co-branded credit card segment, with an increase of 62.5% in co-branded credit cards in force compared to the previous year.
"Our journey has been significantly strengthened by our existing partnerships, which have helped us consolidate our position in the market. The addition of new partnerships including one with a foreign bank, in a first for Indian fintechs this year amplified our reach and enriched our offerings. The collaboration between fintechs and banks is pivotal in shaping the future of financial services,” said Pankaj Bansal, Chief Business Officer, BankBazaar.
BankBazaar.com has a customer base of over 600 million users and is supported by global investors such as Experian, Eight Roads, Peak XV (formerly Sequoia), WSV, & Amazon.
Source: Stocks-Markets-Economic Times
