BankBazaar Diversifies into Gold Loans, Sells 1% Stake to Muthoot FinCorp for ₹15 Crore

BankBazaar.com, the popular fintech platform known for its co-branded credit cards and credit score services, is diversifying into the secured loans market with the introduction of a gold loan product. The company has partnered with leading gold financier Muthoot FinCorp for this new venture.

As part of this strategic collaboration, Muthoot FinCorp has also invested ₹15 crore in BankBazaar’s ongoing Series D2 funding round, acquiring a 1% equity stake in the fintech firm. This investment is set to bolster BankBazaar’s digital platform as it expands into the gold loan segment.

The Series D2 funding round has proven successful for BankBazaar, with the company raising a total of ₹55 crore. This has pushed the company’s valuation to ₹1,700 crore. Muthoot FinCorp’s stake acquisition is a key element of the funding round, which aims to drive the fintech platform’s growth and innovation in the digital finance space.

BankBazaar’s expansion into gold loans marks a significant shift in its business model, as it continues to diversify its offerings in response to growing demand for secured loan products in India.