Private Equity

PE Fund Investments

Co-branded credit card issuer BankBazaar raises Rs.130-Cr

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Chennai-based BankBazaar, an online marketplace for financial products, has raised INR 80 crore (USD 9.6 million) in its ongoing Series D round. BankBazaar will issue 22,821 Series D2 CCPS (compulsorily convertible preference shares) at INR 3,727 per share. BankBazaar has already received INR 46.35 crore in three tranches. The company has been valued at around USD 217 million (post-allotment).The Peak XV Partners-backed firm also raised INR 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Ltd.BankBazaar is a co-branded credit card issuer that lets a user check credit score as well as cross-sells third-party loans and insurance products. It claims to have partnered with more than 50 banks and has a customer base of over 50 million.The 15-year-old company has raised over USD 110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. The company claims to achieve breakeven with revenue of INR 250 crore in FY24. Its losses stood at INR 27 crore in FY23.