Fintech establishment BankBazaar.com on Tuesday said it plans to go public in the coming 12-18 months. The company had a net profit of Rs160 crore in FY23. The original Public Offering (IPO) plans are in progress with an end to list in 12-18 months, co-branded credit card issuer BankBazaar.com said in a statement. previous to the IPO, BankBazaar is planning to raise a round of capital and has appointed ICICI Securities to advise it on the same. The company grew its net profit for FY23 by 60 percent over FY22 on the reverse of a 60 percent growth in its credit card admeasurements.
The growth was driven by its fully paperless and contactless immolation of digital-first, co-brand credit cards in cooperation with leading banks that enable consumers to track and ameliorate their credit score, earn rich digital prices, and access hundreds of no-costs EMIs every month, BankBazaar.com said.
Adhil Shetty, Co-Founder and CEO of BankBazaar.com, said riding on a 60 percent growth instigation in FY23 while narrowing the acclimated EBITDA burn to Rs20 crore, the company is well deposited to accelerate the profit growth rate further in FY24 while targeting full- time EBITDA profitability.
” This strategy for profitable and sustainable growth has been in the workshop for over three times. We have erected a co-branded portfolio of digital products with proven client traction, which has created sustainable profit while perfecting perimeters,” he said. EBITDA refers to Earnings Before Interest, levies, deprecation, and Amortization. According to RBI data, India’s retail credit outlook continues to look strong and was over 20.4 percent time-on-time in January.
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.