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Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding

EntrackrEntrackr · 1y ago
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Medial

BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.

Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks

EntrackrEntrackr · 9m ago
Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks
Medial

Red Fort Capital, an investment-grade NBFC, has successfully raised Rs 22.6 crore in debt funding, crossing a milestone of Rs 100 crore in assets. The debt raise includes Rs 15 crore from a large Public Sector Undertaking (PSU) bank. Notably, Red Fort Capital has already secured prior financing rounds from the State Bank of India, the largest PSU lender. Additionally, Rs 4.1 crore was raised through non-convertible debentures (NCDs) via Foreign Portfolio Investors (FPI), and Rs 3.5 crore from USHA Finance. This diverse capital will be instrumental in accelerating Red Fort Capital’s mission to bridge the credit gap for small and medium enterprises (SMEs) across India. Red Fort Capital offers secured loans tailored uniquely for businesses with flexible funding options ranging from Rs 1 crore to Rs 10 crore and a turnaround time of just 7 days. Red Fort Capital has already established a nationwide presence and aims to enhance its secured business loan offerings across manufacturing, trading, and service sectors with this new infusion of funds. By maintaining its focus on innovation, technology, and risk management, Red Fort Capital is positioned to attract even more banking partnerships, which are critical for its future growth.

Findi acquires BANKIT to boost financial inclusion in rural India

EntrackrEntrackr · 6m ago
Findi acquires BANKIT to boost financial inclusion in rural India
Medial

Findi acquires BANKIT to boost financial inclusion in rural India. This acquisition underscores Findi’s commitment to India’s fintech sector, particularly in enhancing financial access in rural and semi-urban areas. BANKIT, a fintech company focused on financial inclusion, has been acquired by Findi Ltd. through its majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI). Co-founded in 2010 by Amit Nigam and Satyajit Limaye, BANKIT aims to empower the Indian financial landscape by offering a wide range of digital and assisted financial services. It enables users to transfer money to bank accounts, pay utility bills, including telecom, electricity, gas, and water, recharge mobile and DTH, make hotel and travel bookings, and more via agent networks. With a network of over 129,000 outlets and services available in 28 states, covering more than 12,000 pin codes, BANKIT has been a key player in providing banking solutions to underserved communities. This acquisition by Findi aligns with its recent acquisition of Tata Communications' White Label ATM business (Indicash), which will facilitate the deployment of ATMs at merchant touchpoints and expand the suite of services offered to underserved communities. Through this collaboration, Findi and BANKIT aim to expand financial literacy, increase banking accessibility, and drive innovation tailored to the needs of rural India. The acquisition is expected to enhance the development of digital banking services, focusing on financial literacy and accessibility for people in rural areas. Together, BANKIT and Findi plan to make banking services more user-friendly and accessible, helping people with savings, credit, insurance, and other essential financial services. Findi is building a Financial Services Marketplace for the underbanked through its merchant network in India. Currently, Findi, via TSI, operates over 7,500 Brown Label ATMs in partnership with major Indian banks and provides financial and payment services through more than 50,000 merchant partners via its brand FindiPay. The company has also recently acquired Indicash, Tata Communications' White Label ATM business, providing it with Payment Switch capabilities and the ability to deploy its own ATMs at merchant partners.

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