BankBazaar preparing for IPO; FY24 net revenue at Rs 215 crore

BankBazaar is gearing up to launch its initial public offering (IPO), the fintech platform said in a release on Thursday. "This step marks a significant milestone in the company's journey towards sustainable growth and market leadership," it stated.

"The company has secured over Rs 50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. It is also in the process of raising another round in equity in the ongoing Series D2 round. The debt round was closed early this year while the equity round is ongoing and expected to close by the coming quarter," BankBazaar mentioned.

The fintech player, however, didn't disclose any further details about the initial share sale.

Meanwhile, the company reported an unaudited operating revenue of Rs 215 crore in FY24 (2023-24). "Strong bank partnerships have significantly bolstered our position in the market. We've maintained out growth momentum while keeping losses nearly flat," it said.

Adhil Shetty, Co-founder and CEO of BankBazaar, said, "BankBazaar's strong foundation has enabled us to continue our growth trajectory, achieving 36 per cent growth in FY24 on the back of 54 per cent and 63 per cent 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 innovationsand rapid growth in this space.Our focus on forging meaningful partnerships with solutions that are fully compliant with co-brand credit card regulations has positioned us well to leverage this growth phase in the industry."

The company also underscored that it has experienced a remarkable growth in its co-branded credit card segment, with an increase of 62.5 per cent in co-brand credit cards in force compared to the previous year.

"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. We're excited about the potential these partnerships hold in driving forward BankBazaar's vision of financial inclusivity and empowerment," Pankaj Bansal, Chief Business Officer at BankBazaar, stated.

Supported by global investors such as Experian, Eight Roads, Peak XV (formerly Sequoia), WSV and Amazon, BankBazaar has a customer base of over 6 crore users.