Muthoot Fincorp picks nearly 1% stake in BankBazaar for Rs 15 crore

Muthoot Fincorp has made a strategic investment in BankBazaar by picking up around 1 per cent stake for Rs 15 crore in the latter’s Series D2 round of fundraise to strengthen its digital platform.

 

This deal values BankBazaar around Rs 1,700 crore.

 

BankBazaar is also making an entry into the secured gold loan market in partnership with the gold loan focused NBFC.

 

Under the partnership, BankBazaar will handle digital data management, digital marketing, product education, digital customer experience, credit score improvement via prudent financial literacy, and consumer education. Muthoot FinCorp will manage KYC compliance, verification, valuation, storage, loan disbursement and