BankBazaar.com intends to raise $100 million for business expansion over the next three years: Shetty, CEO
- ByStartupStory | August 12, 2022
According to a key corporate executive, BankBazaar intends to raise $100 million (about Rs 795 crore) to accelerate business expansion over the next three years, as it expects to expand 80-90% in FY23. Founder and Chief Executive Officer Adhil Shetty stated that the fintech business achieved breakeven on a month-to-month basis in March 2022 and that there is no imminent need for funding to drive expansion.
“We are sure that we will expand our topline by 80-90% this year and that we will complete the year with EBIDTA profitability.” We have completed the A-D financing rounds, and the next round will be an E round.
“We have not finalized the amount, but it will be in the $100 million range. We don’t have a set deadline for raising the cash. We don’t need it to meet our aim of 80-90% growth this year, but it will boost our growth in following years, therefore we don’t need it this year “In an interview with PTI, Shetty stated. Shetty, on the other hand, stated that “winter has set in,” with the financial climate has changed drastically from one or two quarters ago.
Since its beginning in 2008 as a loan comparison tool, the firm has expanded into a co-branded credit card issuer with banking partners Yes Bank and RBL Bank, in addition to providing credit score services to its consumers. BankBazaar.com has not yet broken even on an EBITDA (earnings before interest, taxes, depreciation, and amortization) basis, which is a measure of a company’s total financial performance.
“We did not attain break-even on a full-year basis in FY22, but we did have an annualized topline of Rs 150 crore. Our goal is to achieve it on a full-year basis in FY24, even though the situation is extremely difficult. We are still closely monitoring things, and wiping off accumulated losses will take time “Shetty stated this without providing any loss statistics.
WSV, Experian, Eight Roads, Sequoia India, Walden International, and Amazon back the firm, which claims to be the greatest fintech co-branded credit card issuer & online platform for free credit scores including over 5 crores registered consumers.
According to Shetty, the platform is also considering joining the account aggregator system, which is “in very advanced stages.” It will also assist the firm, which now solely serves retail clients, in catering to other types of consumers, such as MSMEs, because data access would be easier.
“For an MSME loan, you’ll need data from, for example, an income tax return or the GSTN. Once Account Aggregator makes up…I believe a fantastic potential for players like ours to look at MSME in loan area will open up “said the official
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