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

BankBazaar is preparing to launch its initial public offering (IPO), as announced in a release on Thursday. The company sees this as a significant milestone in its journey towards sustainable growth and market leadership.

BankBazaar has successfully secured over Rs 50 crore in two independent debt financing rounds led by Tata Capital and Nuvama Asset Management. Additionally, the company is currently in the process of raising another round in equity as part of the ongoing Series D2 round. The debt round was closed earlier this year, while the equity round is ongoing and expected to conclude in the coming quarter. Further details about the initial share sale were not disclosed by BankBazaar.

The company reported an unaudited operating revenue of Rs 215 crore in FY24 (2023-24) and attributed its success to strong bank partnerships, which have significantly strengthened its position in the market. BankBazaar also highlighted its growth momentum while keeping losses nearly flat.

Adhil Shetty, Co-founder and CEO of BankBazaar, emphasized the company's growth trajectory, achieving 36 percent growth in FY24, following 54 percent and 63 percent year-on-year (YoY) growth in FY22 and FY23, respectively. Shetty also noted the increasing number of active credit cards in India, signaling significant innovations and rapid growth in the industry. BankBazaar's focus on meaningful partnerships and compliance with co-brand credit card regulations has positioned the company well to capitalize on this growth phase.

The company highlighted its remarkable growth in the co-branded credit card segment, with a 62.5 per cent increase in co-brand credit cards in force compared to the previous year. BankBazaar also mentioned the addition of new partnerships, including one with a foreign bank, which has expanded its reach and enriched its offerings. The collaboration between FinTechs and banks was noted as pivotal in shaping the future of financial services, with the company expressing excitement about the potential of these partnerships in driving forward its vision of financial inclusivity and empowerment.

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