Gold loan major Muthoot Fincorp has picked 1 per cent stake in Bank Bazaar’s on-going D2 funding round for Rs 15 crore, Adhil Shetty, CEO, BankBazaar.com, told businessline.
“The total funding round size is about ₹55 crore. Muthoot Fincorp has invested ₹15 crore in this round, picking roughly 1 per cent stake. With this funding round, the valuation of the company stands at ₹1,700 crore,” he said.
With Muthoot Fincorp’s investment, BankBazaar’s total equity funding has now reached $116 million. The fintech company has seen 63 per cent increase in co-branded credit cards in FY24 and an expected 46 per cent annual revenue growth from FY22-25. The company anticipates achieving full-year EBITDA profitability in FY25, Shetty said.
“Gold loans, being countercyclical to unsecured credit, will diversify our portfolio and strengthen our offerings. BankBazaar’s consumers will gain seamless digital access to Muthoot FinCorp’s high-quality, fully compliant gold loan products,” Shetty said.
Under the partnership, BankBazaar will handle digital data management, digital marketing, product education, digital customer experience, credit score improvement via prudent financial literacy, and consumer education, while Muthoot FinCorp will manage KYC compliance, verification, valuation, storage, loan disbursal and all other regulatory guidelines, enabling same-day loan disbursal.
Published on April 23, 2025
