BankBazaar.com to go for IPO by next calendar
BankBazaar.com, which eyes to come the most profitable co-branded credit card platform, expects to turn profitable this financial and plans to file for an IPO by the end of coming time, author and CEO Adhil Shetty said. The company which started off as a loan comparing platform in 2008 is now majorly into co-branded credit card space, issuing two similar cards in association with Yes Bank and RBL Bank. In the alternate quarter of FY23, the company registered 85 per cent time- on- time growth in its top line, clocking a profit of Rs 170 crore. Company’s credit card deals were over by 115 per cent in Q2.
” We’re happy that we’re growing profitably and we’ve delivered 85 per cent time- on- time top line growth in Q2FY23. We had annualised profit of Rs 170 crore (up by 85 per cent from a time ago) in Q2 and in August and September, both the months, we were EBITDA positive.
“So, we’re projecting that whatever we’ve delivered in Q2, that will continue and that is the kind of growth we’d like to deliver for the full time. And we’d like to deliver like we’ve delivered in August and September. We’d like to aim and deliver a full-time profit for FY23,” Shetty told PTI in an interview. EBITDA (earnings before interest, levies, deprecation, and amortization) is the measure of a company’s overall fiscal performance.
In financial time 2021- 22, BankBazaar.com had a top line of Rs 150 crore on an annualised base. Shetty said that the growth trend will continue in Q3 and Q4 of this financial because of the growth in its co-branded credit card member. “We believe this puts in a unique position, when investors reach out to us and talk to us, they’re like this is veritably- veritably instigative, you’re erecting a long- term company which fits in with the non-supervisory governance because we aren’t trying to renewal some bank kind of thing but trying to mate with a bank,” he said.
About BankBazaar.com
BankBazaar.com is India’s largest fintech co-branded Credit Card issuer and online platform for free Credit Score with over 50Mn registered users. Supported by global investors such as WSV, Experian, Eight Roads, Sequoia India, Walden International and Amazon, BankBazaar has been at the forefront of democratizing finance in India by providing end users with frictionless access to credit.
BankBazaar is counting on the banks to give the balance distance and compliance on KYC (know your client). ” We believe we’re in a sweet spot. Our vision for the company is to make India’s most profitable co-branded credit card platform. with the kind of exchanges that are passing now, we remain married to our thing that we’d like as a profitable company to go for an IPO (original Public Offer) and train for it by the end of coming (timetable) time,” he said.
In August, the functionary had said that the company is milling to raise about USD 100 million over the coming three times. still, there’s no any immediate need of capital for the current financial. ” In terms of what we feel is whenever an investor reaches out to us and addresses, is that we’re growing profitably. We do not need the capital to grow, but obviously if capital is available from a good strategic investment to accelerate growth. I suppose we’re happy to engage with the exchanges that are passing,” he said further.
BankBazaar.com claims to be the largest fintech co-branded credit card issuer and online platform for free credit score with over 5 crore registered druggies. It’s backed by global investors similar as WSV, Experian, Eight Roads, Sequoia India, Walden International and Amazon. Talking about the credit card spend behavior of the customers, he said a lot of spend is now moving to online mode. “At BankBazaar, all our co-branded credit cards, we’re seeing that the online ticket size is adding and presently our online ticket size is about Rs25,000. What we’re seeing that further and further people are spending online. The online ticket size per sale is significantly advanced than the offline deals of about Rs13,000-14,000, Shetty said.