Much known for offering financial products, BankBazaar operated by A & A Dukaan Financial Services Pvt. Ltd. has raised Rs.45 crore approximately $6 million from both existing and new investors. The online marketplace was founded by Adhil Shetty, Arjun Shetty and Rati Rajkumar in 2008 in Chennai. The company has since then been providing customised rate quotes on credit cards and loans.
Their existing investors, which include Experian, Amazon, Eight Roads, and Sequoia, have shown their trust in the company once again and added to its capital. Along with them, a joint venture company of Walden International and SKTA, which is a Korean company, has also agreed to fund BankBazaar in their Series D funding round.
BankBazaar had last held its Series D funding round in 2017, which was led by Experian. The company has managed to raise a total of $116 million till now.
The CEO of BankBazaar, Adhil Shetty, said that the latest round of extended funding will help the company to fastrack their ideas to introduce contactless access to credit once the world has come out of this pandemic.
He also revealed that their company had achieved a 53% hike in the monthly revenue and a 15% drop in their expenditures despite the harsh market conditions between October 2019 and February 2020. They have witnessed a rise in their customer base, which is currently at a 40 million mark.
The company has always been dedicated in achieving EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and moving ahead, profitability will continue to be their top focus, Adhil said.
Although Covid-19 has wreaked havoc on the world and economies across the globe have tumbled. There are some companies like BankBazaar that are still managing to raise funds from their investors.
Conclusion:
BankBazaar has always provided the users with interesting offers. The contactless credit which they are looking forward to introduce does seem to be an interesting tool. We look forward for Covid-19 pandemic to end quickly so we can benefit from this latest offer from BankBazaar (ref).
