Bangalore International Airport Revenue, Valuation, Funding & Investors

Bangalore International Airport is valued at $2.5B as of June 2023, a 6.3x multiple on its last reported $399M revenue.

Last Bangalore International Airport valuation

$2.5B

Undisclosed stage · Jun 2023

Last Bangalore International Airport funding round

$75M

Undisclosed stage · Jun 2023

Bangalore International Airport revenue

$399M

Undisclosed stage · Jun 2023

Key investors in Bangalore International Airport

Bangalore International Airport Overview

About Bangalore International Airport

Bangalore International Airport Limited is the operator of Kempegowda International Airport in Bengaluru, India. Handling over 30 million passengers annually across two terminals, the airport serves domestic routes to Delhi and Mumbai and international flights to Dubai, London, and Singapore. Owned by a consortium including Airports Authority of India, Siemens, and Fairfax, it features cargo facilities processing 500,000 tons yearly.


Founded

2001

HQ

IndiaBangalore

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Usage-based

Revenue

$399M (Jun 2023)

Valuation

$2.5B (Jun 2023)

Bangalore International Airport Valuation

Bangalore International Airport is currently valued at $2.5B, based on its undisclosed-stage round in June 2023.

The $75M round was led by Fairfax Financial.

Bangalore International Airport valuation by funding round

Bangalore International Airport valuation by funding round
DateStageValuationRevenue Multiple
Jun 2023Undisclosed stage$2.5B6.3x

Bangalore International Airport Revenue

Bangalore International Airport's latest recorded revenue is $399M, as of its undisclosed-stage round in June 2023. At a $2.5B valuation, that implies a 6.3x revenue multiple.

Bangalore International Airport revenue by funding round

Bangalore International Airport revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2023$399M$2.5B6.3xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Bangalore International Airport Funding History

Bangalore International Airport has raised a total of $659M across 3 funding rounds.

Bangalore International Airport's first fundraising round was a $383M undisclosed-stage round in March 2017. The most recent completed round was a $75M undisclosed-stage round in June 2023.

Bangalore International Airport funding rounds

Bangalore International Airport funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2023Undisclosed stageFairfax Financial (lead)$75M$2.5BBangalore International Airport Limited (BIAL) operates Kempegowda International Airport Bengaluru (KIAB), India's first greenfield airport developed via public-private partnership under a concession until 2068, handling over 250 million passengers since 2008 and serving 61 domestic and 14 international destinations. Fairfax India, part of Fairfax Financial, completed acquisition of an additional 3% stake from Siemens Project Ventures for $75 million on June 21, 2023, increasing its ownership to 57%, with a further 7% conditional on performance post-October 2023. Management valued BIAL at 2.5 billion USD equity using conservative 9.5x normalized free cash flow (excluding land value), as noted post the Siemens stake sale where Fairfax bought 10% at the same price, boosting Fairfax India's stake to 59%. An analyst document estimates true IPO value upwards of 4 billion USD, extrapolating from passenger growth projections to 90 million by decade-end yielding 475 million USD cash profits at 20x multiple, discounted at 12%. Fairfax India's 2023 shareholder letter valued its 64% stake at 1.6 billion USD, implying ~2.5 billion USD total equity, consistent with prior marking. Fairfax India considers IPO valuing BIAL at ~300 billion INR ($3.7 billion), potentially raising 30-40 billion INR with 75% primary shares. BIAL benefits from strong passenger traffic growth, with investor analyses highlighting it as Fairfax India's crown jewel comprising significant NAV portion.
Jul 2017Undisclosed stageFairfax India Holdings (lead)$200M-Bangalore International Airport Limited (BIAL) operates Kempegowda International Airport in Bengaluru, India. BIAL has served over 250 million passengers since 2008, with 61 domestic and 14 international destinations. Minority stakeholders include Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation at 13% each. In March 2017, Fairfax India acquired a 38% stake for approximately $385 million (INR 25.22 billion). On June 2, 2017, Fairfax India announced the acquisition of an additional 10% interest from GVK's subsidiary for approximately $200 million (INR 12.9 billion), expected to close in July 2017, bringing its total ownership to 48%. The transactions involved purchases from Bangalore Airport & Infrastructure Developers Private Limited (GVK subsidiary) and Flughafen Zürich AG. Later deals included 10% from Siemens in 2023-2024 for $250-255 million, raising ownership to 64-74%.
Mar 2017Undisclosed stageFairfax Financial (lead)$383M-Bangalore International Airport Limited (BIAL), also known as Kempegowda International Airport, is a major aviation infrastructure asset located in Bengaluru, India. Launched in 2008, the airport serves 61 domestic and 14 international destinations and had been visited by more than 250 million passengers as of mid-2022. In March 2017, Fairfax India Holdings Limited completed the acquisition of a 38% stake in BIAL for approximately $385 million (INR 25.22 billion). This purchase included a 33% stake from GVK Power & Infrastructure Limited and a 5% stake from Flughafen Zürich AG. Fairfax subsequently increased its ownership to 48% in June 2017 by acquiring an additional 10% stake from GVK Power for approximately $200 million (INR 12.9 billion). By the time of potential IPO discussions circa 2025-2026, Fairfax India held a 54% majority stake in BIAL. The airport represents a significant infrastructure investment and flagship asset for Fairfax India, though published financial metrics such as standalone revenue and EBITDA for the airport are not disclosed in public sources, as airport operations are typically reported within consolidated financial statements rather than as a standalone public company metric prior to listing.

Who has invested in Bangalore International Airport?

2 investors have backed Bangalore International Airport across its funding rounds, including Fairfax Financial and Fairfax India Holdings.

Lead investors include Fairfax Financial and Fairfax India Holdings.


Bangalore International Airport Investors

Investors in Bangalore International Airport by funding rounds participated
InvestorHQRoundsRoleFirst check

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Bangalore International Airport Competitors

Bangalore International Airport competitors include listed companies like Bet Shemesh Engines, DO & CO, SIA Engineering and Guangzhou Airport, and private ones like Adani Airports and Elite Jetting.

Public and private companies comparable to Bangalore International Airport
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bet Shemesh EnginesIsraelIsraelPublicly listed$314M$68M$2.5B-
DO & COAustriaAustriaPublicly listed$2.8B$305M$2.4B0.8x
SIA EngineeringSingaporeSingaporePublicly listed$1.1B$188M$2.7B2.1x
Guangzhou AirportChinaChinaPublicly listed$1.2B$542M$2.9B1.5x
Adani AirportsIndiaAhmedabadPrivate$1.4B$565M$19B13.9x
Elite JettingUnited StatesLos Angeles, CAPrivate--$8M-

Bangalore International Airport Public Comps

Bangalore International Airport is still privately-owned, but its public comps include Bet Shemesh Engines, DO & CO, SIA Engineering, Guangzhou Airport, TAV Havalimanları, Evergreen Aviation, ENAV, Shenzhen Airport, TravelSky and Japan Airport Terminal.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bet Shemesh Engines$314M$68M7.9x-36.8x-
DO & CO$2.8B$305M0.9x0.8x8.1x6.9x
SIA Engineering$1.1B$188M2.2x2.1x13.0x30.1x
Guangzhou Airport$1.2B$542M1.6x1.5x3.5x4.8x
TAV Havalimanları$2.1B$519M1.9x1.8x7.7x5.9x
Evergreen Aviation$571M$105M3.7x3.4x19.9x14.7x
ENAV$1.1B$306M2.9x2.7x10.8x10.7x
Shenzhen Airport$765M$308M3.7x3.5x9.1x8.8x

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Common questions about Bangalore International Airport

When was Bangalore International Airport founded?Bangalore International Airport was founded in 2001.
Where is Bangalore International Airport headquartered?Bangalore International Airport is headquartered in Bangalore, India.
Is Bangalore International Airport publicly listed?No, Bangalore International Airport is a private, VC-backed company.
What is Bangalore International Airport's valuation?Bangalore International Airport was last valued at $2.5B in its undisclosed-stage round in June 2023.
How much funding has Bangalore International Airport raised?Bangalore International Airport has raised $659M across 3 funding rounds.
What was Bangalore International Airport's last funding round?Bangalore International Airport's last funding round was a $75M undisclosed-stage round in June 2023, led by Fairfax Financial.
Who are Bangalore International Airport's investors?Bangalore International Airport's investors include Fairfax Financial and Fairfax India Holdings.
What is Bangalore International Airport's revenue?Bangalore International Airport's latest recorded revenue is $399M (June 2023).
What is Bangalore International Airport's revenue multiple?Bangalore International Airport's latest valuation implies a 6.3x revenue multiple ($2.5B valuation on $399M of revenue).
Which companies are comparable to Bangalore International Airport?Companies comparable to Bangalore International Airport include Bet Shemesh Engines, DO & CO, SIA Engineering, Guangzhou Airport, Adani Airports and Elite Jetting.

See companies similar to Bangalore International Airport

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