BankBazaar.Com hopes to breakeven this fiscal; to file DRHP for IPO next year
The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks.
Fintech firm BankBazaar.Com expects its bottomline to turn positive this financial year helped by newer products including co-branded credit cards on UPI. Post breakeven, the company would start the preparation for listing and hopes to file the Draft Red Herring Prospectus for initial public offering (IPO) in the next financial year, BankBazaar.Com founder and CEO Adhil Shetty told PTI.
The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks.
The company expects to soon launch co-branded credit cards on UPI, he said, adding that this is going to accelerate revenue as demand for credit is high.
Besides, he said, targeted no-cost EMIs every month are going to add to topline and the company is set to push revenue to over Rs 250 crore in FY24 with profit.
During the first quarter, the company posted a 51 per cent increase in revenue driven by its portfolio of co-branded credit cards and personal loans.
The audited FY23 revenue of BankBazaar was Rs 159 crore, registering a 66 per cent growth over previous fiscal with an Earnings before interest, taxes, depreciation, and amortization (EBITDA) burn of 14 per cent.
With a strong momentum of 66 per cent growth in FY23 and a significant reduction in EBITDA burn, the company strategically positioned to accelerate the revenue growth in FY24 to Rs 250 crore, he said.
"In a landscape where governance is critical, we are working on showcasing our dedication to transparency and financial responsibility as we look to an IPO in the coming year.
"Our proactive approach and focus on EBITDA allows us to maintain our strong position in the market and instills confidence in our stakeholders," he said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
04:59 PM IST