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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.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 4m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

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