We are delighted and proud to announce that we’ve raised a total of Rs. 45 crores funding from our new investor, WSV, and our existing investors.
It’s time to celebrate ’cause we’ve just raised Rs. 45 crore funding as a part of our Series D1 equity financing round! The funds, of course, will be directed towards accelerating the delivery of contactless personal finance products and our business expansion in India.
Joining hands with our existing investors – Amazon, Sequoia India, Experian and Eight Roads, this time, we have a new investor, WSV – a joint venture fund of Walden International and Korean company SKTA, who has helped us secure the Rs. 45 crore. SKTA, if you haven’t already heard about them, is part of the Korean conglomerate SK Group, the second-largest conglomerate in South Korea.
In these unprecedented times, we would like to extend our heartfelt gratitude towards WSV and our existing investors for confiding and trusting in us. Adhil Shetty, CEO, BankBazaar, said, “In the post-COVID-19 world, the demand for contactless finance is going to grow exponentially, and this round of funding will help us accelerate our plans to implement contactless access to credit. This round of funding reiterates our investors’ trust in our vision of contactless finance as the future of personal finance and in our ability to make it a reality.”
We at BankBazaar believe that contactless, paperless access to the right credit products is the need of the hour in the midst of this ongoing COVID-19 crisis and beyond. And, everyone, including our consumers, our partner banks and regulators, have started to recognise and accept contactless credit as the way ahead for financial services. Andrew Kau, General Partner with WSV, said, “BankBazaar is creating the ‘Credit Karma’ of India with leading-edge technology, a stellar team and the support of an incredible set of strategic investors. We can’t wait to see how they help revolutionise the Indian financial services sector.”
Speaking about the investment, a senior Amazon US spokesperson said, “As existing investors, we are glad to support BankBazaar in the current fundraiser and look forward to the next wave of digitisation in this country.” Such kind words, we must say!
Between October 2019 and February 2020, BankBazaar saw a 90% increase in monthly organic traffic and its registered customer base rose to over 40 million. We witnessed a 53% increase in monthly revenue and a 15% reduction in costs during the same period despite tough market conditions.
Following a strong growth in customer base and reduction in costs, we were trending to achieve operational month-on-month profitability in March, 2020. However, things did come to a standstill then as the nationwide lockdown was announced. Talking about achieving profitability, our CEO Adhil Shetty said, “BankBazaar has always been focused on achieving EBITDA profitability, and going forward, profitability continues to be our top priority. We look forward to accelerating contactless credit from leading financiers and with this round have enough capital to get soon to break even and beyond.”
Want to be a part of our contactless journey? We may have some interesting offers for you. Hit the link below to check them out.